On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2018 $38,000 100 2019 54,060 120 2020 56,160 130 2021 67,620 140 Required: Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method.

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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.