Question
In: Accounting
DATE &nbs
DATE Ending Inventory(end of year prices) Price Index
December 31, 2013 $ 69,400 100
December 31, 2014 102,080 116
December 31, 2015 110,208 128
December 31, 2016 123,816 132
December 31, 2017 116,058 138
Use the dollar-value LIFO method to compute the ending inventory for Shamrock Company for 2013 through 2017.
Ending Inventory
2013 - 69400
2014 - ?
2015 - ?
2016 - ?
2017- ?
Solutions
Expert Solution
| Year | Ending Inventory | |||
| 31-Dec-13 | $69,400.00 | |||
| 31-Dec-14 | $90,976.00 | |||
| 31-Dec-15 | $88,772.00 | |||
| 31-Dec-16 | $105,472.00 | |||
| 31-Dec-17 | $86,452.00 | |||
| Working Note | ||||
| Inventory in 2013= $69400 | ||||
| Computation of Inventory in 2014 will be | ||||
| Inventory Without Indexation=88000 | ||||
| Curent Year Lifo Layer | 18600 | |||
| Hence, Closing inventory will be $ 90976 | ||||
| ( 69400*1+ 18600*1.16) | ||||
| Computation of Inventory in 2015 will be | ||||
| Inventory Without Indexation=86100 | ||||
| Curent Year Lifo Layer | -1900 | |||
| Hence, Closing inventory will be $ 88772 | ||||
| ( 69400*1+ (86100-69400)*1.16) | ||||
| Computation of Inventory in 2016 will be | ||||
| Inventory Without Indexation=93800 | ||||
| Curent Year Lifo Layer | 7700 | |||
| Hence, Closing inventory will be $ 105472 | ||||
| ( 69400*1+ (86100-69400)*1.16)+ 7700*1.28) | ||||
| Computation of Inventory in 2017 will be | ||||
| Inventory Without Indexation=84100 | ||||
| Curent Year Lifo Layer | -9700 | |||
| Hence, Closing inventory will be $ 86452 | ||||
| ( 69400*1+ (84100-69400)*1.16) | ||||
| Working Note | ||||
| Year | Inventory | Price Index | Inventory without Indexation | Current year Lifo Layer |
| 31-Dec-13 | 69400 | 100 | 69400 | - |
| 31-Dec-14 | 102080 | 116 | 88000 | 18600 |
| 31-Dec-15 | 110208 | 128 | 86100 | -1900 |
| 31-Dec-16 | 123816 | 132 | 93800 | 7700 |
| 31-Dec-17 | 116058 | 138 | 84100 | -9700 |
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