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Aber Company manufactures one product. On December 31, 2016, Aber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO
Aber Company manufactures one product. On December 31, 2016, Aber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $900,000. Inventory data are as follows:
Inventory at Price index
Year year-end prices (base year 2016)
2017 $1,260,000 1.05
2018 1,265,000 1.15
2019 1,560,000 1.25
2020 1,846,000 1.30
Instructions
- Compute the inventory at December 31, 2017, 2018, 2019 and 2020, using the dollar-value LIFO method for each year.
- Record any necessary entries to report the inventory correctly.
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