[Anonymous]

Mother of god..

This might be the only thing in the entire FAR book that I don’t even have a dam clue as to how to attempt it when I get a MCQ on it.

[MRSJLeon917]

I think I FINALLY just started understanding it 2 days ago when I re-reviewed the section. I think the basic thing is that you take your total inventory at current cost divided by total inventory at base year cost to get your price index. Then multiply the price index you calculate times the inventory layer added at base year cost. This amount gets added to prior year Dollar Value LIFO Inventory. Does that make sense? It took me forever to understand but now it seems almost simple now that it finally clicked.

AUD (5/25/2012): 91
FAR (10/22/2012): 89
REG (11/28/2012): 89
BEC (01/05/2013): 82
Ethics Exam: 90

IL Licensed CPA - 7/15/2013

A long journey, officially DONE!

[Author]

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