ending inventory price date end of year prices index dec 31 2016 69400100 dec 31 2017 102080116 dec 31 2018 110208128 dec 31 2019123816132 dec 31 2020116058138 Using the dollar-value LIFO method, compute the ending inentory for 2020

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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	ending inventory	price
date	end of year prices	index
dec 31 2016	69400	100
dec 31 2017	102080	116
dec 31 2018	110208	128
dec 31 2019	123816	132
dec 31 2020	116058	138
Using the dollar-value LIFO method, compute the ending inentory for 2020

Expert Solution

Step 1: Introduction:-

The following inventory methods used for inventory valuation as follows under:--

Specific Identification.
First-In, First-Out (FIFO)
Last-In, First-Out (LIFO)
Weighted Average Cost.

Last in, first out (LIFO):- As per LIFO method records the most recently produced items as sold first. which means last comes into inventory first goes out.

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