Maurice Tutor

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Category > Management Posted 07 Oct 2017 My Price 6.00

Webster Products, Inc.

Integrating Case 20–1

Change to dollarvalue LIFO

Webster Products, Inc., adopted the dollar-value LIFO method of determining inventory costs for financial and income tax reporting on January 1, 2016. Webster continues to use the FIFO method for internal decision-making purposes. Webster’s FIFO inventories at December 31, 2016, 2017, and 2018, were $300,000, $412,500, and $585,000, respectively. Internally generated cost indexes are used to convert FIFO inventory amounts to dollarvalue LIFO amounts. Webster estimated these indexes as follows:

Required:

1. Determine Webster’s dollar-value LIFO inventory at December 31, 2017 and 2018.

2. Describe how the change should have been reported in Webster’s 2016 financial statements.

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Oct 2017 10:10 PM My Price 6.00

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