On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2018 $36,400 100 2019 50,880 120 2020 52,780 130 2021 62,720 140 Required: Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method. Year Ending inventory 2018 $ 2019 $ 2020 $ 2021 $

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows:

Year Current Cost Index
2018 $36,400 100
2019 50,880 120
2020 52,780 130
2021 62,720 140

Required:

Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method.

Year Ending inventory
2018 $
2019 $
2020 $
2021 $
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