Perry company manufactures a single product. on december, Ask an Expert

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Perry company manufactures a single product. On December, 2007, perry adopted the dollar-value LIFo inventory method. The inventory on that date using the dollar-value LIFO inventory method was $50,000. Inventory data are as follows:

Year Inventory at respective Price Index at year end

YEAR end cost prices
2007 $50,000. 1005
2008 73,500 105
2009 71,500 110

COMPUTE THE INVENTORY AT 12/31/2008 AND 2009 USING THE DOLLAR VALUE LIFO METHOD.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M995187

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