On january 1 2013 avondale lumber adopted the dollar-value, Ask an Expert

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On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $300,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended Inventory Cost Index December 31 Year-End Costs (Relative to Base Year) 2013 $ 392,080 1.04 2014 403,920 1.08 2015 458,890 1.09 2016 492,240 1.12

Required: Calculate inventory amounts at the end of each year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9985597

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