x Your answer is incorrect. Buffalo Corporation adopted the dollar-value LIFO retall inventory method on January 1, 2024. At that time the inventory had a cost of $60,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year End Inventory at Retail $113,420 Ending Inventory 124,300 117/420 146.250 $ Current Year Cost-Retail % 60% 65% The price index at January 1, 2024, is 100. 2024 66% 63% Year-End Price Index 8.052 106 Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, eg: 78% and final answers to 0 decimal places. e.g. 28,987) 110 114 125 2025 2026

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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.