Two years ago Angle Company starting using dollar-value LIFO for costing its inventory. The first year the ending inventory in end-of-year dollars was $180,000 with a price index of 1.0. The second year the inventory was $270,000 and the index was 1.2. The current inventory at end of year prices is $387,000 and the price index is 1.25. Given this information, the ending inventory using dollar-value LIFO is

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05-04-2021
Business

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Two years ago Angle Company starting using dollar-value LIFO for costing its inventory. The first year the ending inventory in end-of-year dollars was $180,000 with a price index of 1.0. The second year the inventory was $270,000 and the index was 1.2. The current inventory at end of year prices is $387,000 and the price index is 1.25. Given this information, the ending inventory using dollar-value LIFO is

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Anthougoidn Anthougoidn · Answer 1 · 2021-04-06T22:47:29-04:00

Answer:

Angle Company

Given this information, the ending inventory using dollar-value LIFO is:

= $309,600.

Explanation:

a) Data and Calculations:

Year Inventory value Price Index Inventory Value

using dollar-value

LIFO

1 $180,000 1.0 $180,000 ($180,000/1.0)

2 270,000 1.2 225,000 ($270,000/1.2)

3. 387,000 1.25 309,600 ($387,000/1.25)

b) The Inventory value using dollar-value LIFO converts the inventory value to the base year's value using the price index. It is an attempt to rebase the dollar value of the current ending inventory, using the changes in the price index.

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