On January 1, 2018, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this...
On January 1, 2018, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $100,700. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below:
| Year-end | Ending inventory at year-end costs |
Cost Index | |||||
| 2018 | $ | 128,205 | 1.05 | ||||
| 2019 | 146,080 | 1.10 | |||||
| 2020 | 156,540 | 1.20 | |||||
In determining the inventory balance should Badger report in its 12/31/2019 balance sheet:
Homework Answers
Calculate following
Base year price = 128205/1.05 = 122100
Bae year price 2019 = 146080/1.1 = 132800
Inventory balance 2019 as per Dollar value LIFO method = 100700+21400*1.05+10700*1.1 = 134940
In determining the inventory balance should Badger report in its 12/31/2019 balance sheet: $134940
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