Dollar-value LIFO uses
A) current cost only
B) cost indexes only
C) current cost and cost indexes
D) numerous detailed records from either a physical count or perpetual records

Question

Quizplus · Accepted Answer

Dollar-value LIFO uses both current cost and cost indexes to adjust the cost of inventory to a common base year, which allows for the comparison of inventory levels over different periods while accounting for inflation or deflation.

Dollar-Value LIFO Uses