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This is a 6 point question On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost
This is a 6 point question On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Inventory at Cost Index Year Ended Year-end (Relative to December 31 Costs Base Year) 2021 $259,200 1.08 2022 296,800 1.12 2023 299,000 1.15 Required: Compute inventory amounts at the end of 2023 using the dollar-value LIFO method. 265,600 0 243,200 0 271,200 O 255,000
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