Reliable and Affordable
Question
Consider the following information: On Jan 1st of 2012 the LocoCompany adopted the dollar value LIFO method to account forinventory. Assuming 2012 was the base year. Theinventory value was $500,000. The year end inventory value was$535,000. At that time the index was 1.06. How much would Locoreport inventory for the end of 2012?
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$530,000 |
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$505,000 |
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$533,019 |
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None of the above |
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