Question
On January 1, 2016, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $280,000.
On January 1, 2016, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $280,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 Inventory Year-End Costs Cost Index (Relative to Base Year)
2016 $ 356,530 1.01
2017 367,500 1.05
2018 416,580 1.06
2019 446,355 1.09
Required: Calculate inventory amounts at the end of each year.
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