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Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the
Dollar-Value LIFO
Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $400,000. Inventory data for succeeding years are as follows:
Year | Inventory at Respective Year-End Prices | Price Index (Base Year 2018) |
2019 | $441,000 | 1.05 |
2020 | 552,000 | 1.15 |
2021 | 564,000 | 1.20 |
Required:
Compute the ending inventory using the dollar-value LIFO method for 2019, 2020, and 2021. Do not round your intermediate calculations. If required, round your answers to the nearest dollar.
December 31, 2019 | 421000 |
December 31, 2020 | 490000 |
December 31, 2021 |
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