Kingston company uses the dollar

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Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2016, with an inventory of $147,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:

Year Ended	Ending Inventory		Cost Index
December 31	at Year-End Costs		(Relative to Base Year)
2016	$	220,500	1.05
2017		283,360	1.12
2018		264,870	1.09
2019		262,150	1.07

Required:

Calculate inventory amounts at the end of each year.

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Worksheet Difficulty: 2 Medium Learning Objective: 08-08 Determine ending inventory using the dollar-value LIFO inventory method.

Reference no: EM13924311

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