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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 base year. The company
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
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