Dahlia adopted the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 was taken from the company's records: The price index on January 1, 2016, was 100. On December 31, 2016, it was 105.
Required:
Compute the inventory value for December 31, 2016.

Question

Dahlia adopted the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 was taken from the company's records:  The price index on January 1, 2016, was 100. On December 31, 2016, it was 105.
Required:
Compute the inventory value for December 31, 2016.

Quizplus · Accepted Answer

The Answer of Dahlia adopted the dollar-value LIFO retail inventory method on January 1, 2016. The following information for 2016 was taken from the company's records:  The price index on January 1, 2016, was 100. On December 31, 2016, it was 105.
Required:
Compute the inventory value for December 31, 2016.

Dahlia Adopted the Dollar-Value LIFO Retail Inventory Method on January