The beginning DV LIFO inventory is $20,000. That inventory in year dollars is $17,000. The ending inventory at FIFO cost is $35,000. The price level for the period is 1.25. The ending DV LIFO inventory is $28,000.

False/True

Question

Kaylyn Knight

Business

7 October, 00:35

The beginning DV LIFO inventory is $20,000. That inventory in year dollars is $17,000. The ending inventory at FIFO cost is $35,000. The price level for the period is 1.25. The ending DV LIFO inventory is $28,000.

False/True

+4

Answers (1)

Know the Answer?

Kaylen Cruz · Answer 1

Answer: True

Explanation: according to the question, the dollar value of inventory using LIFO is $20,000. The price level foe the period is 1.25. The closing inventory using FIFO is $35,000.

Therefore the closing inventory using LIFO = $35,000/1.25 = $28,000

The beginning DV LIFO inventory is $20,000. That inventory in year dollars is $17,000. The ending inventory at FIFO cost is $35,000. The price level for the period is 1.25. The ending DV LIFO inventory is $28,000.False/True

The beginning DV LIFO inventory is $20,000. That inventory in year dollars is $17,000. The ending inventory at FIFO cost is $35,000. The price level for the period is 1.25. The ending DV LIFO inventory is $28,000.

False/True