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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 $270,000.
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 $270,000. 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 | $ | 354,640 | 1.04 | ||
2017 | 365,040 | 1.08 | |||
2018 | 413,110 | 1.09 | |||
2019 | 441,840 | 1.12 | |||
Required: |
Calculate inventory amounts at the end of each year. |
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