Presented below is information related to Concord Company. Date Ending Inventory (End-of-Year Prices) Price Index December...

Presented below is information related to Concord Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2017 $ 83,200 100 December 31, 2018 145,934 131 December 31, 2019 142,950 150 December 31, 2020 161,696 163 December 31, 2021 193,200 175 December 31, 2022 227,698 181 Compute the ending inventory for Concord Company for 2017 through 2022 using the dollar-value LIFO method.

Expert Solution

Year	Inventory at end of year prices	Index (out of 100)	Inventory at base year prices	Base layer	Index	$ value LIFO	$value LIFO total
December 31, 2017	83200	100/100=1	83200/1= 83200	83200	1	83200	83200
December 31, 2018	145934	131/100=1.31	145934/1.31=111400	83200	1	83200
				111400-83200= 28200	1.31	36942	120142
December 31, 2019	142950	150/100=1.50	142950/1.50= 95300	83200	1	83200
				95300-83200=12100	1.31	15851	99051
December 31, 2020	161696	163/100=1.63	161696/1.63= 99200	83200	1	83200
				12100	1.31	15851
				3900	1.63	6357	105408
December 31, 2021	193200	175/100=1.75	193200/1.75=110400	83200	1	83200
				12100	1.31	15851
				3900	1.63	6357
				11200 [110400-83200-12100-3900]	1.75	19600	125008
December 31, 2022	227698	181/100 =1.81	227698/1.81=125800	83200	1	83200
				12100	1.31	15851
				3900	1.63	6357
`				11200	1.75	19600
				15400	1.81	27874	152882

Under LIFO ,units acquired last are sold first so ending inventory is left from initial or beginning inventory balances.

ekkarill92 answered 1 year ago

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