Business, 25.06.2021 03:00, benjamenburton1

Vaughn, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 Inventory at Current-Year Cost Price Index 2019 $20,000 100 2020 22,464 108 2021 26,334 114 Compute the value of the 2020 and 2021 inventories using the dollar-value LIFO method.

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answered: stellaglenn205

Year Ended December 31 Inventory at Current-Year Cost Price Index

2019 $20,000 100

2020 $22,464 108

2021 $26,334 114

Inventory at base year prices:

2020 = $20,800

2021 = $23,100

Change from prior yer:

2020 = $800

2021 = $2,300

Dollar value:

2020 = $20,000 + ($800 x 1.08) = $20,864

2021 = $20,864 + (2,300 x 1.14) = $23,486

answered: Guest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answered: Guest

the definition of a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. a local bakery that employs 10 people is an example of a small business. a manufacturing facility that employees less than 500 people is an example of a small business.

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Vaughn, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years...