Question
Dollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current
Dollar-Value LIFO
On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows:
Year Current Cost Index
2018 $33,700 100
2019 $48,780 120
2020 $50,960 130
2021 $60,480 140
Required: Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method.
Year Ending inventory
2018 $33,700
2019 $42,040
2020 $
2021 $
I need help with years 2020 & 2021. I had originally got $38632 for 2020 but it's wrong. Please help & explain how the answer would be found. Thank you :)
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