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?

 

 

$530,000

 

 

$505,000

 

 

$533,019

 

 

None of the above