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Belstock Company manufactures one product. On December 31, 2015, 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, 2015, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data for succeeding years are as follows:
Year | Inventory at Respective Year-End Prices | Price Index (Base Year 2015) |
2016 | $231,000 | 1.05 |
2017 | 299,000 | 1.15 |
2018 | 300,000 | 1.20 |
Required:
Compute the ending inventory using the dollar-value LIFO method for 2016, 2017, and 2018. Do not round your intermediate calculations. If required, round your answers to the nearest dollar.
1. | December 31, 2016 | $ 221,000 |
2. | December 31, 2017 | $ 267,000 |
3. | December 31, 2018 | $ |
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