Presented below is information related to Larkspur, Inc. Date December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 End-of-Year Inventory (End-of-Year Prices) $1,570,000 1,911,000 1,936,000 2,246,400 Price Index 100 105 110 117 Compute the ending inventory for Larkspur, Inc. for 2018 Answer: Sheridan Company uses a periodic inventory system. For October, when the company sold 1,480 units, the following information is available. October 1 inventory October 8 purchase October 25 purchase Units Unit Cost Total Cost 520 $20 $10,400 1,040 21 21,840 520 24 12,480 2,080 $44,720 Compute the October 31 inventory value using the FIFO method