The following information relates to the William Brown Company. Date December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 2021 2022 2023 2024 2025 Ending Inventory (End-of-Year Prices) $ $73,700 100,092 107,856 123,009 113,288 Use the dollar-value LIFO method to compute the ending inventory for Brown Company for 2021 through 2025. Ending Inventory 73700 87800 85600 93900 Price Index 83300 100 114 126 131 136

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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.