Question
Presque Isle Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2018. Its inventory at that date was $1,200,000 and the relevant
Presque Isle Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2018. Its inventory at that date was $1,200,000 and the relevant price index was 100. Information regarding inventory for subsequent years is presented below. What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO? Insert any number of columns or rows you need. Include descriptive column headings. Reference cells. Round to whole dollars. Highlight your answer in yellow and put a thick outside border around the cell.
Ending Inventory (End-of-Year Prices) | Price-Index | |
2018 | $ 1,200,000 | 100 |
2019 | $ 1,284,000 | 103 |
2020 | $ 1,450,000 | 112 |
2021 | $ 1,625,500 | 115 |
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