Ashbrook Company adopted the dollar-value LIFO method on January 1, 2014 (using

Question

Ashbrook Company adopted the dollar-value LIFO method on January 1, 2014 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory At Base-Year At Current-Year Cost Cost 1/1/2014 $230,000 $230,000 12/31/2014 243,000 291,600 12/31/2015 266,000 327,180 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2015? (Round price index and dollar-value LIFO inventory to 0 decimal places, e.g. 162.) 31-Dec-15 Price Index: ?? Dollar-value LIFO inventory ??? Ashbrook Company adopted the dollar-value LIFO method on January 1, 2014 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory At Base-Year At Current-Year Cost Cost 1/1/2014 $230,000 $230,000 12/31/2014 243,000 291,600 12/31/2015 266,000 327,180 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2015? (Round price index and dollar-value LIFO inventory to 0 decimal places, e.g. 162.) 31-Dec-15 Price Index: ?? Dollar-value LIFO inventory ???

Explanation / Answer

Ashbrook Company adopted the dollar-value LIFO method on January 1, 2014 (using

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