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.
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.
This question was answered on: Jul 11, 2017
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