Guinea, Inc. adopted the dollar-value LIFO retail inventory method on January 1, 2013, when the price index was 100. The following information was taken from company records on December 31, 2013, when the price index was 110. Required:
Compute the cost of the December 31, 2013, inventory. (Round off calculations to the nearest dollar.)

Question

Guinea, Inc. adopted the dollar-value LIFO retail inventory method on January 1, 2013, when the price index was 100. The following information was taken from company records on December 31, 2013, when the price index was 110.  Required:
Compute the cost of the December 31, 2013, inventory. (Round off calculations to the nearest dollar.)

Quizplus · Accepted Answer

The Answer of Guinea, Inc. adopted the dollar-value LIFO retail inventory method on January 1, 2013, when the price index was 100. The following information was taken from company records on December 31, 2013, when the price index was 110.  Required:
Compute the cost of the December 31, 2013, inventory. (Round off calculations to the nearest dollar.)