On December 31, 2024, a company adopted the dollar-value LIFO inventory method. Inventory at the end of 2024 for its only inventory pool was $400,000 under the dollar-value LIFO method. At the end of 2025, inventory at year-end cost is $473,000 and the cost index is 110. At the end of 2026, inventory at year-end cost is $492.000 and the cost index is 1.20. Inventory at the end of 2026 at dollar-value LIFO cost is: Multiple Choice $410,000 $412,000 $400,000 $411.000

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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.