Question

A company uses the dollar-value LIFO inventory method. At the end of 20X2 the cost index is 1.25 and the ending inventory at base year cost is $360,000. If 20X2 beginning inventory at base year cost was $300,000, 20X2 ending inventory at dollar-value LIFO cost is:

Answer 1

Option A. 300000.

The four main ways to account for inventory are specific identification, first in first out, last in first out, and weighted average methods.

The retail inventory method is an accounting method used to estimate the value of a store's merchandise. The retail method provides the ending inventory balance for a store by measuring the cost of inventory relative to the price of the merchandise.

The FIFO method is the most popular inventory method because it's the one that most closely matches the actual movement of inventory for most businesses. This method assumes that the first products you acquired will be the first that are sold.

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