Question

Submitted Question 7 View Policies Current Attempt in Progress Presented below is information related to Blue Company Ending Inventory (End-of-Year Prices) Price Index Date December 31, 2017 $77,200 December 31, 2018 249,951 221 December 31, 2019 248,472 December 31, 2020 280,098 December 31, 2021 336,630 December 31, 2022 401.685 Compute the ending inventory for Blue Company for 2017 through 2022 using the dollar value LIFO method. Ending Inventory 2017 2018 2019 2020 2021 2022 $ eTextbook and Media Submitted to Grac Previous

Answer 1

Compute ending inventory as follows: LA F Ε Change from prior year Ending inventory Price index $0 2017 2018 2019 2020 2021 2022 $77,200 $249,951 $248,472 $280,098 $336,630 $401,685 1.00 2.21 2.52 2.73 2.94 3.05 Inventory at base year price $77,200 $113,100 $98,600 $102,600 $114,500 $131,700 $35,900 -$14,500 $4,000 $11,900 $17,200 Ending inventory $77,200 $156,539 $124.494 $135,414 $170,400 $222,860 Prepare the above-mentioned table with excel formulae as follows: A B C D Enam inventory Price index Inventory at base year price 2 2017 772001 3 2018 249951 2019 248472 5 2020 280098 6 2021 336630 2022 401685 E F Change from prior Ending inventory year =D2 =D3-D2 =F2+(D3-D2)*C3 =D4-D3 =F2+(D4-D2)*C3 =D5-D4 =F4+(E5*C5) =D6-D5 =F5+(E6*C6) =D7-D6 =F6+(E7*C7) =B2/C2 =B3/C3 =B4/C4 =B5/C5 =B6/C6 =B7/C7 2.21 2.52 2.73 2.94 3.05