Essay
On January 1,2015,ECT Co.adopted the dollar-value LIFO method for its one inventory pool.The pool's value on this date was $600 million.The 2015 and 2016 ending inventory valued at year-end costs were $702 million and $840 million,respectively.The appropriate cost indexes are 1.08 for 2015 and 1.20 for 2016.
Required:
Calculate the inventory balance that ECT Co.would report on its year-end balance sheets for 2015 and 2016,using the dollar-value LIFO method.
Correct Answer:
Verified
Correct Answer:
Verified
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