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Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to a base year. The
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to a base year. The company began operations on January 1, 2021, with an inventory of $165,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:
Year Ended | Ending Inventory | Cost Index | |||
December 31 | at Year-End Costs | (Relative to Base Year) | |||
2021 | $ | 243,800 | 1.06 | ||
2022 | 324,500 | 1.18 | |||
2023 | 304,750 | 1.15 | |||
2024 | 299,700 | 1.11 | |||
Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.)
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