Kingston 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, 2018, with an inventory of $150,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended Ending Inventory Cost Index December 31 at Year-End Costs (Relative to Base Year) 2018 $ 200,000   1.08   2019   245,700   1.17   2020   235,980   1.14   2021   228,800   1.10     Required:Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Kingston 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, 2018, with an inventory of $150,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:

Year Ended Ending Inventory Cost Index
December 31 at Year-End Costs (Relative to Base Year)
2018 $ 200,000   1.08  
2019   245,700   1.17  
2020   235,980   1.14  
2021   228,800   1.10  
 

Required:
Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.)

 

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