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Calculate the dollar-value lifo value of gooding-silverwood

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Reference no: EM132757850

Gooding-Silverwood Corporation adopted the dollar-value LIFO method for its inventory valuation on January 1, 2021, when the value of its inventory was $800,000. On that date, the consumer price index (CPI), which Gooding-Silverwood elected to use as its inventory price index, was 240.

  • At the end of 2021, the inventory at year-end prices was valued at $920,000, and the year-end CPI was 264.

Required:

Problem 1: Calculate the Dollar-Value LIFO value of Gooding-Silverwood's ending inventory for 2021.

Reference no: EM132757850

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