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Compute the inventory amounts at December 31, 2017 and 2018, using dollar value LIFO inventory method.
Problem 8-9 On January 1, 2017, Sweet Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Sweet continued to use the FIFO inventory method for internal accounting and management purposes. In applying the LIFO method, Sweet uses internal conversion price indexe and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for inventory pool no. 1, which comprises products A and B, for the 2 years folloning the adoption of LIFO FIFO Basis per Records Total Cost Units Cost Inventory, 1/1/17 Product A Product B 12,400 $53 $657,200 11,400 44 501,600 $1,158,800 Inventory, 12/31/17 Product A Product B 19,40064 $1,241,600 11,400 46 524,400 $1,766,000 Inventory, 12/31/18 Product A 15,400 71 $1,093,400 12,400 57 06,800 $1,800,200 Product
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