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Discuss dollar value lifo inventory valuation

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Wholly owned subsidiary of J & J Products implemented Dollar Value LIFO inventory valuation in 2010, when their ending inventory was $650,000. The following are the inventory amounts for an ingredient used in packaging for years 2011 - 2015. The price index has been increasing by 5% each year 2011 through 2015.

Inventory at End of Year Year Prices

2011 $497,200
2012 $595,800
2013 $605,200
2014 $656,500
2015 $701,800

Calculate the ending inventory for years 2011 - 2015 using Dollar Value LIFO

Reference no: EM131764592

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