Dollar-Value LIFO Belstock 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 $300,000. Inventory data for succeeding years are as follows: Inventory at Respective Price Index (Base Year 2018) 1.05 1.15 1.20 Year Year-End Prices 2019 2020 2021 $336,000 437,000 432,000 Required: Compute the ending inventory using the dollar-value LIFO method for 2019, 2020, and 2021. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. December 31, 2019 33030 321,000 ✓ 300 000

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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.