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What is the end-of-the-current-year LIFO inventory value

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Problem - Amber Company has used the dollar-value LIFO technique for the past three years. The company has only one inventory pool. Its beginning inventory for the current year was computed as follows.

 

Base Period Cost

LIFO Index

LIFO Layer

Base period inventory

$1,200,000

1.00

$1,200,000

Year 1 layer

300,000

1.04

312,000

Year 2 layer

400,000

1.06

424,000

 

$1,900,000

$1,936,000

Required -

a. The current-year ending inventory (end of year 3) at current prices is $2,124,000, and the LIFO index is 1.06. Determine the company's LIFO inventory as of the end of the current year.

b. Assume that the current-year ending inventory at current prices is $1,850,000. What is the end-of-the-current-year LIFO inventory value?

Reference no: EM132672579

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