Chavez Inc

question 77

Essay

Chavez Inc. adopted dollar-value LIFO on January 1, 2018, when the inventory value was $850,000. The December 31, 2018, ending inventory at year-end cost was $950,000 and the cost index for the year is 1.08.
Required:
Compute the dollar-value LIFO inventory valuation (rounded) for the December 31, 2018, inventory.

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Definitions:

Resource

Assets, materials, or valuable items that are available to be used to produce goods or services.

Derived Demand

The demand for a good or service resulting from the demand for another good or service, as seen in the demand for raw materials driven by the production of final goods.

Substitutes

Products or services that can satisfy the same need or desire, where an increase in the price of one leads to an increase in demand for the other.

Complements

Goods and services that are used together, where the consumption of one enhances the use or value of the other.