A. calculate the cost index to be used for 2010 and 2011, Ask an Expert

Accounting

Quicksilver adopted LIFO in January 1, 2010, when the inventory had a FIFO cost of $180,000 ($10 per unit). At the end of 2010, inventory consisted of $18,750 units at $12 per unit, and the ending inventory for 2011 consisted of 20,000 units at $15 per unit.

A. find out the cost index to be used for 2010 and 2011 using the link-chain method.

B. Compute the ending inventory for 2010 and 2011 using dollar-value LIFO.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M955645

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