On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this...
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO
method. The inventory cost on this date was $101,500. 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 | |||||
| 2021 | $ | 130,725 | 1.05 | ||||
| 2022 | 149,600 | 1.10 | |||||
| 2023 | 159,900 | 1.20 | |||||
What inventory balance would Badger report on its 12/31/2023
balance sheet?
A. $133,250.
B. $135,275.
C. $159,900.
D. None of these answer choices are correct.
Homework Answers
Solution:
| Computation of inventory at base year prices and change from prior year -Badger Inc. | ||||
| Year | Inventory at end of year prices | Price index | Inventory at base year prices | Change from Prior Years |
| 2020 | $101,500.00 | 1.00 | $101,500.00 | $0.00 |
| 2021 | $130,725.00 | 1.05 | $124,500.00 | $23,000.00 |
| 2022 | $149,600.00 | 1.10 | $136,000.00 | $11,500.00 |
| 2023 | $159,900.00 | 1.20 | $133,250.00 | -$2,750.00 |
| Computation of dollar value inventory - LIFO | |
| Particulars | Amount |
| December 31, 2023: | |
| $101,500*$1 | $101,500 |
| $23,000*$1.05 | $24,150 |
| 8750*$1.10 | $9,625 |
| Inventory at Dec 31, 2023 | $135,275 |
Hence option B is correct.
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