Presented below is information related to Larkspur Company. Ending Inventory (End-of-Year Prices) $ 73,000 255,832 249,228 281,960 336,819 406,536 Date December 31, 2014 December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Compute the ending inventory for Larkspur Company for 2014 through 2019 using the dollar-value LIFO method. Ending Inventory 73000 2014 2015 2016 2017 2018 2019 x= 163852 126336 137816 141537 Price Index 100 226 258 280 301 312 147434

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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.