Reference no: EM132998043
Zarek Co. adopted the dollar-value LIFO inventory method as of January 1, Year 2. A single inventory pool and an internally calculated price index are used to calculate Zarek's LIFO inventory layers.
Information about Zarek's dollar-value inventory follows:
Inventory
Date Current-year cost Base-year cost Dollar-value LIFO
1/1/YR 2 $120,000 $120,000 $120,000
12/31/YR 2 $160,000 128,000 130,000
12/31/YR 3 201,000 134,000
Problem 1: What is Zarek's dollar value LIFO inventory on December 31, Year 3?
A. $132,000
B. $132,500
C. $139,000
D. $140,050
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