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Horseshoe, Inc. uses FIFO for its inventory calculations, but converts that to Dollar Value LIFO at year-end. On the first day of business, 1/1/14, Softballs has FIFO inventory valued at $2,500,000.

On 12/31/14, it is determined that the ending inventory, at FIFO is costed out at $1,850,000.

1. If the cost index for 2011 is 1.06, what is the Dollar Value LIFO cost of the new "layer" created in 2014?

2. What is the Dollar Value LIFO cost at 12/31/14 for the ending inventory?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91523141

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