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Prepare the appropriate disclosures

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Problem - Dollar-Value LIFO Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015. The following information about the inventory at the end of each year is available from Olson's records:

Year

Current Costs

Index

2017

$50,000

100

2018

60,000

108

2019

70,000

115

2020

73,000

125

2021

78,000

135

Required -

1. Calculate the dollar-value LIFO inventory at the end of each year.

2. Prepare the appropriate disclosures for the 2021 annual report if Olson uses current cost internally and LIFO for financial reporting.

Reference no: EM132882843

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