Question

explain in detail how you solve it plz?

Date Prices) Index December 31, 2017 100 142 December 31, 2018 $82,900 158,472 154,872 175.824 December 31, 2019 December 31, 2020 176 189 210.735 December 31, 2021 December 31, 2022 249.116 196 Compute the ending inventory for Sheridan Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 2018 2019 $ 2020 $ 2021 $ 2022 $

Answer 1

Dec 31st,2017 Closing inventory value Dollar Value LIFO Method Inventory Change from Price Inventory at end of the year at index base year prior year Date 82900 X 1.00 82900 Dec 31st,2017 Dec 31st,2018 Dec 31st,2019 Dec 31st,2020 Dec 31st,2021 Dec 31st,2022 82900 82900 Dec 31st,2018 Closing inventory value 100 82900 158472 28700 -16000 142 111600 82900 82900 X 1.00 154872 95600 1.42 162 28700 X 40754 = 175824 4300 Total Inventory = 123654 176 99900 11600 Dec 31st,2019 Closing inventory value 210735 111500 189 127100 15600 82900 X 249116 196 1.00 82900 12700 X 1.42 18034 = Total Inventory = 100934

Dec 31st,2020 Closing inventory value 82900 X 1.00 82900 17000 X 1.42 24140 = Total Inventory Dec 31st,2021 Closing inventory value 107040 82900 X 1.00 82900 28600 X 1.42 40612 Total Inventory Dec 31st,2022 Closing inventory value = 123512 82900 X 1.00 82900 28700 X 1.42 40754 15500 X 1.96 30380 Total Inventory = 154034