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Current Attempt in Progress Splish Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The
Current Attempt in Progress Splish Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not understand how to value the inventory pools using this new method, so, as a private consultant, you have been asked to teach him how this new method works He has provided you with the following information about purchases made over a 6-year period. Ending Inventory (End-of-Year Prices) Date Price Index $80,200 Dec. 31, 2016 100 Dec. 31, 2017 145,080 130 Dec. 31, 2018 140,954 149 Dec. 31, 2019 166,474 161 Dec. 31, 2020 190,008 174 Dec. 31, 2021 225,540 180 You have already explained to him how this inventory method is maintained, but he would feel better about it if you were to leave him detailed instructions explaining how these calculations are done and why he needs to put all inventories at a base-year value. Compute the ending inventory for Splish Company for 2016 through 2021 using dollar-value LIFO Ending Inventory 2016 2017 $ 2018 2019 $ 2020 2021
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