Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company

image text in transcribed
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2016, 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 Inventory Ending Cost Index at Year-End Costs (Relative to Base Year) 1.06 December 31 2016 2017 2018 2019 $243,800 324,500 304,750 299,700 1.18 1.15 1.11 Required: Calculate inventory amounts at the end of each year. & Answer is complete but not entirely correct. Ending Inventory 12/31/16 |$233,900 123117 287.000 12/31/18 283,000 12/31/19 288,550 Date

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

L A -r- P[N]

Answered: 1 week ago