Question

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splish company had ending inventory at end of year Cost of a $124000 at December 31 2016; $148000 in 288 and December 31, 2017; and $154964 at December 31, 2018. The year and price indexes were a 100 at 12/31/16, 112 at 12/31/17, and 118 at 12/31/18.

Compute the ending inventory for splish company for 2016 through 2018 using the dollar-value LIFO method

Answer 1

Year	Inventory Value	Index	Inventory at base year index
2016	$              124,000	100	$                                        124,000
2017	$              148,288	112	$                                        132,400
2018	$              164,964	118	$                                        139,800

For 2016, It will be $ 124,000 (Base year)

For 2017

First layer 2016 Inventory	$   124,000	100	$   124,000
Second layer - Increase	$       8,400	112	$       9,408
			$   133,408

For 2018

First layer 2016 Inventory	$   124,000	100	$   124,000
Second layer - Increase 2017	$       8,400	112	$       9,408
Third Layer - Increase 2018	$       7,400	118	$       8,732
			$   142,140