On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:   Year Ended December 31 Inventory at Year-end Costs Cost Index (Relative to Base Year) 2021 $ 259,200     1.08   2022   296,800     1.12   2023   299,000     1.15       Required: Compute inventory amounts at the end of each year using the dollar-value LIFO method.   12/31/2021 12/31/2022 12/31/2023

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:
 

Year Ended
December 31
Inventory at
Year-end
Costs
Cost Index
(Relative to
Base Year)
2021 $ 259,200     1.08  
2022   296,800     1.12  
2023   299,000     1.15  
 

 
Required:
Compute inventory amounts at the end of each year using the dollar-value LIFO method.
 

12/31/2021

12/31/2022

12/31/2023

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