After adoption of Dollar Value LIFO, what method will be used to calculate the ending inventory cost before using the conversion Index adjustment. Since the current year cost has to be arrived at before adjusting the Index, in a scenario were the sales during the current year exceeds the purchases, old layers take the hit for the excess sales. But since the layers are not separately identifiable how will we arrive at the COGS & Ending Inventory.
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After adoption of Dollar Value LIFO, what method will be used to calculate the ending inventory cost before using the conversion Index adjustment. Since the current year cost has to be arrived at before adjusting the Index, in a scenario were the sales during the current year exceeds the purchases, old layers take the hit for the excess sales. But since the layers are not separately identifiable how will we arrive at the COGS & Ending Inventory.
Is this method tested on US CMA
I fucking hate this method.
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