In: Accounting
Inventory for Charles Smart company is as follows:
2015 Current Cost 200000.00 Index 1.00
2016 Current Cost 230000.00 Index 1.20
2017 Current Cost 250000.00 Index 1.40
Compute dollar value LIFO for 2015, 2016, and 2017
inventory at base year prices = inventory at end of year prices / price index
|
Ending inventory - dollar value lifo | ||
December 31, | ||
2015 | 200000X1 | 200,000 |
Total | 200,000 | |
2016 | 191667X1 | 191,667 |
Total | 191,667 | |
2017 | 178571X1 | 178,571 |
Total | 178,571 |