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Question 2 Company X has the following information: Inventory at end-of-year prices of $1,300,000 (2018 - base year), $1,450,000 (2019), and $1,350,000 (2020) The price

Question 2

Company X has the following information:

  • Inventory at end-of-year prices of $1,300,000 (2018 - base year), $1,450,000 (2019), and $1,350,000 (2020)

  • The price index is 105 in 2019 and 107 in 2020

Use the dollar-value LIFO method to calculate ending inventory for 2019 and 2020

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