Question

Presented below is information related to Metlock Company. Ending Inventory (End-of-Year Prices) Date Price Index December 31, 2017 $83,800 100 December 31, 2018 176,802 158 December 31, 2019 175,320 180 December 31, 2020 197,535 195 210 December 31, 2021 238,140 December 31, 2022 286,452 218 Compute the ending inventory for Metlock Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $ 2018 $ 2019 $ $ 2020 2021 2022

Answer 1

Solution:-

Year	Ending Inventory	Calculation
2017	83,800	83,800 * 1.00
2018	230743	(83800 * 1.00) + (93002 * 1.58)
2019	22840	(83800 * 1.00) + (91520 * 1.58)
2020	268063	(83800 * 1.00) + (93002 * 1.58) + (20733 * 1.80)
2021	353334	(83800 * 1.00) + (93002 * 1.58) + (20733 * 1.80) + (40605 * 2.10)
2022	458654	(83800 * 1.00) + (93002 * 1.58) + (20733 * 1.80) + (40605 * 2.10) + (48312 * 2.18)

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