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2. On January 1, 2013, the Natonal Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to
2. On January 1, 2013, the Natonal Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2013 2014 2015 Inventory at Year-end Costs $259,200 296.800 299,000 Cost Index (Relative to Base Year) 142 145 Required: Compute inventory amounts at the end of each year.
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