Appleton Inc. adopted dollar-value LIFO on January 1, 2013, when the inventory value was $1,200,000. The December 31, 2013, ending inventory at year-end costs was $1,430,000 and the cost index for the year is 1.1.
Required:
Compute the dollar-value LIFO inventory valuation for the December 31, 2013, inventory.

Question

Quizplus · Accepted Answer

The Answer of Appleton Inc. adopted dollar-value LIFO on January 1, 2013, when the inventory value was $1,200,000. The December 31, 2013, ending inventory at year-end costs was $1,430,000 and the cost index for the year is 1.1.
Required:
Compute the dollar-value LIFO inventory valuation for the December 31, 2013, inventory.