On January 1,2016,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:
Required:
Compute inventory amounts at the end of each year.

Question

On January 1,2016,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:  
Required:
Compute inventory amounts at the end of each year.

Quizplus · Accepted Answer

The Answer of On January 1,2016,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:  
Required:
Compute inventory amounts at the end of each year.

On January 1,2016,the National Furniture Company Adopted the Dollar-Value LIFO