Bond Company adopted the dollar-value LIFO inventory method on January 1, 2013. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Under the dollar-value LIFO method, the inventory at December 31, 2014, should be
A)$357,600.
B)$350,000.
C)$351,600.
D)None of the above.

Question

Bond Company adopted the dollar-value LIFO inventory method on January 1, 2013. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO:  Under the dollar-value LIFO method, the inventory at December 31, 2014, should be
A)$357,600. 
B)$350,000. 
C)$351,600. 
D)None of the above.

Quizplus · Accepted Answer

The Answer of Bond Company adopted the dollar-value LIFO inventory method on January 1, 2013. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO:  Under the dollar-value LIFO method, the inventory at December 31, 2014, should be
A)$357,600. 
B)$350,000. 
C)$351,600. 
D)None of the above.

Bond Company Adopted the Dollar-Value LIFO Inventory Method on January