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Calculate the inventory value using dollar-value

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Question - Clay company began using the dollar-value LIFO method at the beginning of 2014, when its inventory at current prices was $240,000. At the end of 2014, inventory at prices existing on that date amounted to $308,000. At the end of 2015, inventory all prices existing on that date amounted to $260,000. the price level at the beginning of 2014 was 1.00 and at the end of 2014 was 1.10. at the end of 2014 it was 1.30. Calculate the inventory value using dollar-value LIFO at:

1. the end of 2014.

2. the end of 2015.

Reference no: EM132045581

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