ABC Company Has Elected to Adopt the Dollar-Value LIFO Inventory

question 154

Multiple Choice

ABC Company has elected to adopt the dollar-value LIFO inventory method when the inventory is valued at $125,000.The adoption takes place as of January 1,2015 when the entire inventory represents a single pool.ABC Company determined that the inventory at December 31,2015 was $144,375 at current year cost and $131,250 at base year cost using a relevant price index of 1.10.The inventory at December 31,2015 under dollar value LIFO is

• A)$139,438.
• B)$131,875.
• C)$138,125.
• D)$144,375.

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