Maxi Corporation uses the unit LIFO inventory method.$$ The costs of the company's products have been steadily rising since the company began operations in $2008$ and cost increases are expected to continue.$$ The chief financial officer of the company would like to continue using LIFO because of its tax advantages.$$ However, the controller, Sally Hamel, would like to reduce the record$-$keeping costs of LIFO that have steadily increased over the years as new products have been added to the company's product line.$$ Sally suggested the use of the dollar$-$value LIFO method.$$ The chief financial officer has asked Sally to describe the dollar$-$value LIFO procedure.

Required:

Describe the dollar$-$value LIFO procedure in a summary prompt