In: Accounting
The following information relates to the Novak
Company.
Date |
Ending Inventory |
Price |
||||
December 31, 2013 | $ 66,900 | 100 | ||||
December 31, 2014 | 103,194 | 117 | ||||
December 31, 2015 | 110,940 | 129 | ||||
December 31, 2016 | 124,887 | 133 | ||||
December 31, 2017 | 115,787 | 139 |
Use the dollar-value LIFO method to compute the ending inventory
for Novak Company for 2013 through 2017.
Compute the ending inventory for Novack Company for 2013 through 2017 using the dollar-valueLIFO method |
inventory at base year prices = inventory at end of year prices / price index
|
Ending inventory - dollar value : LIFO | ||
2013 | 66900 | 66,900 |
Total | 66,900 | |
2014 | 66900X1 | 66,900 |
21300X1.17 | 24,921 | |
Total | 91,821 | |
2015 | 66900X1 | 66,900 |
19100X1.17 | 22,347 | |
Total | 89,247 | |
2016 | 66900X1 | 66900 |
19100X1.17 | 22,347 | |
7900X1.33 | 10,507 | |
Total | 99754 | |
2017 | 66900X1 | 66900 |
16400X1.17 | 19,188 | |
Total | 86088 | |