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(Solution) - Total Color Inc manufactures and distributes house paints Total Color

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Total Color, Inc. manufactures and distributes house paints. Total Color uses the dollar- value LIFO method. Information for 2014, 2015, and 2016 is presented in the following table.

The cumulative price indices for 2014, 2015, and 2016 respectively are 1.0000, 1.0230, and 1.0537.
a. Compute the company?s ending inventory using dollar- value LIFO for each year. Round to the nearest dollar.
b. Prepare the journal entry required to adjust the LIFO reserve for each year.


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This question was answered on: Jul 11, 2017

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