EXERCISE 8-26
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Change
from |
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Dec. 31, 2000 |
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$ 70,000 |
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1.00 |
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$70,000 |
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— |
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Dec. 31, 2001 |
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90,300 |
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1.05 |
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86,000 |
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$+16,000 |
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Dec. 31, 2002 |
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95,120 |
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1.16 |
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82,000 |
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(4,000) |
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Dec. 31, 2003 |
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105,600 |
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1.20 |
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88,000 |
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+6,000 |
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Dec. 31, 2004 |
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100,000 |
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1.25 |
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80,000 |
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(8,000) |
Ending Inventory—Dollar-value LIFO:
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Dec. 31, 2000 |
$70,000 |
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Dec. 31, 2001 |
$70,000 @ 1.00 = |
$70,000 |
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16,000
@ 1.05 = |
16,800 |
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$86,800 |
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Dec. 31, 2002 |
$70,000 @ 1.00 = |
$70,000 |
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12,000
@ 1.05 = |
12,600 |
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$82,600 |
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Dec. 31, 2003 |
$70,000 @ 1.00 = |
$70,000 |
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12,000
@ 1.05 = |
12,600 |
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6,000 @ 1.20 = |
7,200 |
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$89,800 |
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Dec. 31, 2004 |
$70,000 @ 1.00 = |
$70,000 |
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10,000
@ 1.05 = |
10,500 |
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$80,500 |