The use of traditional LIFO approaches is common among companies that have a few items and expect very little change in their product mix.
Consider the following example to understand how the value of inventory is computed under dollar value LIFO method: The Fast company adopted dollar-value LIFO method on December 31, 2011.
Or, what constitutes this questionable account receivable?
Did an expert verify the accounts receivable since the business transaction is between two related parties?
The ending inventory at base-year-prices ($500,000) is less than the beginning inventory at base-year-prices ($520,000).