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Question - Mets Company adopted the dollar-value LIFO inventory method at December 31, 2017 The inventory on that date using the dollar-value LIFO inventory method was $240,000. Inventory data are as follows:
Year
Inventory at year-end prices
Price index (base year 2016)
2017
$240,000
1.00
2018
275,000
1.10
2019
300,000
1.20
Required - Compute the inventory at December 31, 2018, and 2019, using the dollar-value LIFO method for each year.
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