(Answered) Prpose this exercise illustrates the use of the

Accounting

Purpose: This exercise illustrates the use of the dollar-value LIFO method. It shows how a decrease in the ending inventory in terms of base prices from one year to the next affects the calculations and then what happens when an increase in the ending inventory at base prices occurs.

Presented below is information related to Tina Argentine Company.

Date	Ending Inventory (End of Year Prices)	Price Index (Percentage)
December 31, 2009	$ 160,000	100
December 31, 2010	231,000	105
December 31, 2011	216,000	120
December 31, 2012	247,000	130
December 31, 2013	308,000	140
December 31, 2014	348,000	145

Instructions

Compute the ending inventory for Tina Argentine Company for 2009 through 2014 using the dollar-value LIFO method.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91537618
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