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Presented below is information related to Blossom Company. Date December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December
Presented below is information related to Blossom Company. Date December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 Ending Inventory (End-of-Year Prices) $ 73,000 255,832 249,228 281,960 336,819 406,536 Price Index 100 226 258 280 301 312 Compute the ending inventory for Blossom Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory $73,000.00 2017 2018 $ 1132000 2019 $ 9660000 2020 $ 1007000 2021 $ 1119000 2022 $ 1303000 Sheffield Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not understand how to value the inventory pools using this new method, so, as a private consultant, you have been asked to teach him how this new method works. He has provided you with the following information about purchases made over a 6-year period. Date Price Index 100 Ending Inventory (End-of-Year Prices) $83,400 135,546 133,140 157,776 179,580 213,180 Dec 31, 2016 Dec 31, 2017 Dec 31, 2018 Dec 31, 2019 Dec 31, 2020 Dec. 31, 2021 123 140 152 164 170 You have already explained to him how this inventory method is maintained, but he would feel better about it if you were to leave him detailed instructions explaining how these calculations are done and why he needs to put all inventories at a base-year value. Compute the ending inventory for Sheffield Company for 2016 through 2021 using dollar-value LIFO. Ending Inventory 83,400 2016 $ 2017 $ 1,16,364 2018 $ 97,791 2019 1,11,015 2020 $ $ $ 1,20,363 2021 1,47,393
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