Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $84,000. The following information is available on its inventories for 2020 through 2022.   Year Ending Inventory at December 31 Year-End Conversion Factor* 2020 $95,200 1.10 2021 112,000 1.22 2022 100,800 1.15   *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar.   Dollar-value LIFO ending inventory, 2020 Answer   Dollar-value LIFO ending inventory, 2021 Answer   Dollar-value LIFO ending inventory, 2022 Answer

Question

Computing Ending Inventory using Dollar-Value LIFO

On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $84,000. The following information is available on its inventories for 2020 through 2022.

 



Year
Ending
Inventory
at December 31
Year-End
Conversion
Factor*
2020 $95,200 1.10
2021 112,000 1.22
2022 100,800 1.15

 

*Computed as: Current (year-end) price index ÷ Base-year price index

Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022.

Note: Do not round until your final answer. Round your final answer to the nearest whole dollar.

 

Dollar-value LIFO ending inventory, 2020 Answer
 
Dollar-value LIFO ending inventory, 2021 Answer
 
Dollar-value LIFO ending inventory, 2022 Answer
 

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