Question

Presented below is information related to Splish Company.

Date		Ending Inventory (End-of-Year Prices)				Price Index
December 31, 2017			$ 83,600			100
December 31, 2018			261,723			231
December 31, 2019			258,456			264
December 31, 2020			292,006			286
December 31, 2021			349,580			308
December 31, 2022			421,399			319

Compute the ending inventory for Splish Company for 2017 through 2022 using the dollar-value LIFO method.

			Ending Inventory
2017			$enter a dollar amount
2018			$enter a dollar amount
2019			$enter a dollar amount
2020			$enter a dollar amount
2021			$enter a dollar amount
2022			$enter a dollar amount

Answer 1

Compute the ending inventory for Splish Company for 2017 through 2022 using the dollar-value LIFO method.

			Ending Inventory
2017			83600
2018		261723/2.31 = 113300	(83600+29700*2.31) = 152207
2019		258456/2.64 = 97900	(83600+14300*2.31) = 116633
2020		292006/2.86 = 102100	(116633+4200*2.86) = 128645
2021		349580/3.08 = 113500	(128645+11400*3.8) = 163757
2022		421399/3.19 = 132100	(163757+18600*3.19) = 223091