Chapter 8, Problem 8.24E

Dollar-value LIFO

• LO8–8

Mercury Company has only one inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $200,000. Inventory data are as follows:

Year	Ending Inventory at Year-End Costs	Ending Inventory at Base Year Costs
2019	$231,000	$220,000
2020	299,000	260,000
2021	300,000	250,000

Required:

Compute the inventory at December 31, 2019, 2020, and 2021, using the dollar-value LIFO method.