A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $138,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2024 2025 2026 2027 Date Required: Calculate inventory amounts at the end of each year. Note: Round intermediate calculations and final answers to the nearest whole dollars. 01/01/2024 12/31/2024 12/31/2025 12/31/2026 Ending Inventory at Cost Index (Relative Year-End Costs to Bane Year) $ 212,000 278,300 259,840 253,800 12/31/2027 Inventory Layers Converted to Base Year Cost Inventory at Year-End Cost Inventory Layers at Base Year Cost $ 138,000 $ 138,000 $ 212,000 $ 200.000 $ 278,300 $ $ 259,840 $ $ 253,800 $ 1.06 1.15 1.12 1.08 Inventory Layers Converted to Cost Base S Base S 2024 242,000 Base 2024 2025 232,000 Base 2024 2025 2026 235,000 Base 2024 2025 2026 2027 Inventory Layers at Base Year Cost Inventory DVL Cost Inventory Layers Converted to Cost 138,000 $ 138,000 138,000 $ 138,000 $ $ $ 138,000 138,000 0

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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.