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Presented below is information related to Meghani Company. Date (End-of-Year) Ending Inventory (FIFO) Price Index 2015 $160,000 100 2016 220,500 107 2017 218,500 115
"Presented below is information related to Meghani Company. " "Date (End-of-Year)" "Ending Inventory (FIFO)" Price Index 2015 $160,000 100 2016 220,500 107 2017 218,500 115 2018 242,500 125 2019 283,500 135 2020 310,800 150 Instructions: "Compute the ending inventory for Meghani Company for 2015 through 2020 using the dollar-value LIFO method. "
Year | Inventory at end-of-year prices | Price Index | Inventory at base-year price | Layers | Index | Value LIFO | Value LIFO Total | FIFO Reserve |
2015 | $160,000 | 1 | ||||||
2016 | 220,500 | 1.07 | ||||||
2017 | 218,500 | 1.15 | ||||||
2018 | 242,500 | 1.25 | ||||||
2019 | 283,500 | 1.35 | ||||||
2020 | 310,800 | 1.5 | ||||||
Journal entries | ||||||||
2016 | ||||||||
2017 | ||||||||
2018 | ||||||||
2019 | ||||||||
2020 | ||||||||
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