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Dollar-Value LIFO
A company adopted the LIFO method when its inventory was $1,800. One year later its ending inventory was $2,100 and costs had increased 5% during the year.
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What is the ending inventory using dollar-value LIFO?
Dollar-Value LIFO On January 1, 2006 the Sato Company adopted the dollar-value LIFO method of inventory cost- ing. The company's ending inventory records appear as follows:
Year
Current Cost
Index
2006
$40,000
100
2007
56,100
120
2008
58,500
130
2009
70,000
140
Compute the ending inventory for the years 2006, 2007, 2008, and 2009, using the dollar-value LIFO method (round to the nearest dollar).
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