E7.22 (LO 4) (Dollar-Value LIFO) Presented below is information related to Dino Radja Company. Date December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 Ending Inventory (End-of-Year Prices) Price Index $ 80,000 115,500 108,000 122,200 154,000 176,900 Instructions Compute the ending inventory for Dino Radja Company for 2022 through 2027 using the dollar-value LIFO method. 100 105 120 130 140 145

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A:

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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.