Dollar Value Calculations: LIFO Method
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DOLLAR VALUE - LIFO METHOD
The following information relates to the Choctaw Company.
Ending Inventory
Date (End-of-Year Prices) Price Index
December 31, 2009 $70,000 100
December 31, 2010 88,200 105
December 31, 2011 95,120 116
December 31, 2012 108,000 120
December 31, 2013 100,000 125
Use the dollar-value LIFO method to compute the ending inventory for Choctaw Company for 2009 through 2013.
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Solution Summary
For your review, I have attached a formatted MS Excel spreadsheet containing detailed instructions and illustrations in the use of the dollar value calculations in the LIFO Method of inventory control.
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Date Ending Inventory Price Index = Ending Inventory Change as Measured in
(End-of-Year Prices) Base Year Prices Base Year Dollars
December 31, 2009 $70,000 1.00 $70,000 $0
December 31, 2010 88,200 1.05 ...
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