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On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending
On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year . Inventory on January 1 was $211,000 Year-end Inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended Inventory at Cost Index December 31 Year-end (Relative to Costs Base Year) 2021 $282,960 1.08 2022 333.760 1.12 2023 336,950 1.15 Required: Compute inventory amounts at the end of each year using the color volue LIFO method. Ending Inventory DVL Cost Date 12/31/2021 12/31/2022 12/312023
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