On January 1, 2018, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $310,000. Inventory data for 2018 through 2020 are as follows:  Date Ending Inventoryat Year-End Costs Cost Index       12/31/2018 $339,900 1.03                   12/31/2019 382,950 1.11                   12/31/20 398,650 1.19        Compute: Compute Taylor's ending inventory for 2018, 2019, and 2020.

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, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $310,000. Inventory data for 2018 through 2020 are as follows:
 

Date Ending Inventory
at Year-End Costs
Cost Index      
12/31/2018 $339,900 1.03      
           
12/31/2019 382,950 1.11      
           
12/31/20 398,650 1.19      

 
Compute:

Compute Taylor's ending inventory for 2018, 2019, and 2020.


  

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