Exhibit7.5
Sullivan Produce Co. switched from FIFO to LIFO on January1,2018, for external reporting and income tax purposes, while retaining FIFO for internal reports. On that date, the FIFO inventory equaled $360,000. The ensuing three-year period resulted in the following:
December31,2018 Year-End Costs $438,000 Cost Index 1.05
December 31,2019 Year-End Costs $460,000 Cost Index 1.15
December 31, 2020 Year-End Costs $520,000 Cost Index 1.25
Refer to Exhibit 7-5, The ending inventory at December 31,2020, using the dollar-value LIFO method would be
a. $422,000
b. $402,000
c $426,000
d. $420,400
Refer to Exhibit7-5, the ending inventory at December 31,2019, at base-year price is:
a.$400,000
b. $402,000
c.$406,000
d.$424,000
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