Question

Date		Ending Inventory (End-of-Year Prices)				Price Index
December 31, 2017			$ 73,200			100
December 31, 2018			128,876			116
December 31, 2019			124,608			132
December 31, 2020			140,426			143
December 31, 2021			168,476			154
December 31, 2022			199,520			160

Compute the ending inventory for Nash Company for 2017 through 2022 using the dollar-value LIFO method.

			Ending Inventory
2017
2018
2019			$enter a dollar amount
2020
2021
2022

Answer 1

Calculate ending inventory

		Ending inventory
2017		73200
2018	128876/1.16 = 111100	73200+37900*1.16 = 117164
2019	124608/1.32 = 94400	73200+21200*1.16 = 97792
2020	140426/1.43 = 98200	97792+3800*1.43 = 103226
2021	168476/1.54 = 109400	103226+11200*1.54 = 120474
2022	199520/1.60 = 124700	120474+15300*1.60 = 144954