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Sollar-value LIFO method

Part A:
Gant Company has a beginning inventory in year one of $300,000 and an ending inventory of $363,000. The price level has increased from 100 at the beginning of the year to 110 at the end of year one. Calculate the ending inventory under the dollar-value LIFO

Part B:
At the end of year two, Gant's inventory is $437,000 in terms of a price level of 115 which exists at the end of year two. Calculate the inventory at the end of year two continuing the use of the dollar-value LIFO method.

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Solution Summary

The solution provides the exact calculations for the dollar-value LIFO method for Gant Company in an excel sheet.