Presented below is information related to Sheridan Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 Date 2023 2024 2025 2026 $ $ $ $ Ending Inventory (End-of-Year Prices) $ $82,900 Compute the ending inventory for Sheridan Company for 2022 through 2027 using the dollar-value LIFO method. 120,528 118,544 133,866 160,560 189,379 Ending Inventory 82900 Price Index 113896 100 108 124 134 144 149

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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.