Date 1/1/Y1 Year 1 layer 12/31/Y1 Year 2 layer 12/31/Y2 At base year cost $40,000 5,000 45,000 15,000 $60,000 Inventory At current year cost $40,000 14,000 54,000 26,000 $80,000 At dollar value LIFO $40,000 6,000 46,000 11

Date 1/1/Y1 Year 1 layer 12/31/Y1 Year 2 layer 12/31/Y2 At base year cost $40,000 5,000 45,000 15,000 $60,000 Inventory At current year cost $40,000 14,000 54,000 26,000 $80,000 At dollar value LIFO $40,000 6,000 46,000 11

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Brock Co. adopted the dollar-value LIFO inventory method as of January 1, year 1. A single inventory pool and an internally computed price index are used to compute Brock’s LIFO inventory layers. Information about Brock’s dollar-value inventory follows:

What was Brock’s dollar-value LIFO inventory at December 31, year 2?

a. $80,000

b. $74,000

c. $66,000

d. $60,000

Date
1/1/Y1
Year 1 layer
12/31/Y1
Year 2 layer
12/31/Y2
At base
year cost
$40,000
5,000
45,000
15,000
$60,000
Inventory
At current
year cost
$40,000
14,000
54,000
26,000
$80,000
At dollar
value LIFO
$40,000
6,000
46,000
11

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