Computing Ending Inventory Using Dollar-value LIFO
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Presented below is information related to Martin Company:
Ending inventory
Date (End-of-year prices) Price index
12/31/07 $ 80,000 100
12/31/08 111,300 105
12/31/09 108,000 120
12/31/10 122,200 130
12/31/11 147,000 140
12/31/12 176,900 145
Compute the ending inventory for Martin Company for 2007 through 2012 using the dollar-value LIFO method.
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Solution Summary
This solution illustrates how to compute a company's ending inventory under the dollar-value LIFO method when it increases and decreases from year to year.
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