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    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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    https://brainmass.com/business/lifo/dollar-value-calculations-lifo-method-508504

    Solution Preview

    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 ...

    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.

    $2.19

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