Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019.  Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:  What is the cost of ending inventory at December 31, 2020 under dollar-value LIFO? Date                             Inventory at current price       Current price ind. Dec, 31, 2020                   $1,284,000                                 107         Dec, 31, 2021                    $1,450,000                                   125                 Dec, 31, 2022                     $1,625,000                                 130

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Q: net income of

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Q: the value of ending inventory

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.