Dollar-Value LIFO Beistock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data for succeeding years are as follows:
Required:
Compute the ending inventory using the dollar-value LIFO method for 2019, 2020, and 2021.
Determine the ending inventory using the dollar value LIFO method for 2019, 2020 and 2021.
Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary value of units instead of quantity of units held. The dollar value LIFO method uses the cost indexes to convert the current cost of inventory to the base year cost.
Determine the ending inventory using the dollar value LIFO method for 2019:
Determine the ending inventory using the dollar value LIFO method for 2020:
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