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What is the cost of ending inventory december

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Problem - Gross Corporation adopted the dollar-value LIFO method of inventory valuation on Dec 31, 2019. Its inventory at that date was $110,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:

Date

Inventory at Current Prices

Current Price Index

December 31, 2020

$128,400

107

December 31, 2021

145,000

125

December 31, 2022

162,500

130

Required -

1. What is the cost of ending inventory December 31, 2020 under Dollar-value LIFO method?

2. What is the cost of ending inventory December 31, 2021 under Dollar-value LIFO method?

3. What is the cost of ending inventory December 31, 2022 under Dollar-value LIFO method?

Reference no: EM132464792

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