Whispering Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had cost of $53,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year-End Inventory at Retail $130,540 144,300 125,400 167,500 Current Year Cost-Retail % 60% 56% 57% 54% Year-End Price Index 107 111 114 125 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, e 70% 30.0071

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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.