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Question - Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.
Year ended December 31 Inventory at Current-year Cost Price Index
2009 $19,750 100
2010 22,140 108
2011 25,935 114
Compute the value of the 2010 and 2011 inventories using the dollar-value LIFO method.
Show how any deferred tax amounts should be classified and reported in the 2011 balance sheet.
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Buffalo Company follows the practice of pricing its inventory at the lower-of-cost-or-market, determine the amount of Buffalo Company inventory
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