Solution-Prepare the appropriate disclosures

Prepare the appropriate disclosures

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Reference no: EM132882843

Problem - Dollar-Value LIFO Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015. The following information about the inventory at the end of each year is available from Olson's records:

Year	Current Costs	Index
2017	$50,000	100
2018	60,000	108
2019	70,000	115
2020	73,000	125
2021	78,000	135

Required -

1. Calculate the dollar-value LIFO inventory at the end of each year.

2. Prepare the appropriate disclosures for the 2021 annual report if Olson uses current cost internally and LIFO for financial reporting.

Reference no: EM132882843

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Prepare the appropriate disclosures

Reference no: EM132882843

Reference no: EM132882843

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