Essay
On January 1, 2017, ECT Co. adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $600 million. The 2017 and 2018 ending inventory valued at year-end costs were $702 million and $840 million, respectively. The appropriate cost indexes are 1.08 for 2017 and 1.20 for 2018.
Required:
Calculate the inventory balance that ECT Co. would report on its year-end balance sheets for 2017 and 2018, using the dollar-value LIFO method.
Correct Answer:
Verified
Correct Answer:
Verified
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