Essay
The Genworth Company adopted the dollar-value LIFO method on January 1,2016 when the inventory value of its one inventory pool was $450,000.The company decided to use an external index,the Consumer Price Index (CPI),to adjust for changes in the cost level.On January 1,2016,the CPI was 280.On December 31,2016,inventory valued at year-end cost was $504,000 and the CPI was 294.
Required:
Calculate the inventory value at the end of 2016 using the dollar-value LIFO method.
Correct Answer:
Verified
Correct Answer:
Verified
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