Question

The following information relates to the Kevin Hall Company.

Date		Ending Inventory (End-of-Year Prices)				Price Index
December 31, 2016			$ 63,200			100
December 31, 2017			120,384			132
December 31, 2018			129,940			146
December 31, 2019			145,262			151
December 31, 2020			136,512			158

Use the dollar-value LIFO method to compute the ending inventory for Hall Company for 2016 through 2020.

Answer 1

Answer
Calculate ending inventory
Year		/			Ending inventory
2016					$       63,200
2017	$     120,384	/	1.32	$     91,200	$     100,160	63200+28000*1.32
2018	$     129,940	/	1.46	$     89,000	$       97,256	63200+25800*1.32
2019	$     145,262	/	1.51	$     96,200	$     108,128
2020	$     136,512	/	1.58	$     86,400	$       93,824	63200+23200*1.32