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Purpose: This exercise illustrates the use of the dollar-value LIFO method. It shows how a decrease in the ending inventory in terms of base prices from one year to the next affects the calculations and then what happens when an increase in the ending inventory at base prices occurs.
Presented below is information related to Tina Argentine Company.
Date
Ending Inventory
(End of Year Prices)
Price Index
(Percentage)
December 31, 2009
$ 160,000
100
December 31, 2010
231,000
105
December 31, 2011
216,000
120
December 31, 2012
247,000
130
December 31, 2013
308,000
140
December 31, 2014
348,000
145
Instructions
Compute the ending inventory for Tina Argentine Company for 2009 through 2014 using the dollar-value LIFO method.
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