Reference no: EM132505002
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $100,400. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below:
Year-end Ending inventory at year-end costs Cost Index
2021 $127,260 1.05
2022 144,760 1.10
2023 155,280 1.20
Question 1: In determining the inventory balance for Badger to report in its 12/31/2022 balance sheet:
Option 1: An additional layer of $11,440 is added to the 12/31/2021 balance.
Option 2: An additional layer of $23,440 is added to the 12/31/2021 balance.
Option 3: An additional layer of $22,440 is added to the 12/31/2021 balance.
Option 4: None of these answer choices are correct.
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