Intermediate Accounting
9th Edition
ISBN: 9781259722660
Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher: McGraw-Hill Education
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Chapter 8, Problem 8.13P
Dollar-value LIFO
• LO8–8
On January 1, 2018, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2018 through 2020 are as follows:
| Date | Ending Inventory at Year-End Costs | Cost Index |
| 12/31/2018 | $441,000 | 1.05 |
| 12/31/2019 | 487,200 | 1.12 |
| 12/31/2020 | 510,000 | 1.20 |
Required:
Calculate Taylor’s ending inventory for 2018, 2019, and 2020.
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