Sheridan Company manufactures one product. On December 31, 2019, Sheridan adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $970,000. Inventory data are as follows
Year Inventory at
year-end prices Price index
(base year 2016)
2017 $1,260,000 1.05
2018 1,840,000 1.15
2019 1,900,000 1.25
Compute the inventory at December 31, 2017, 2018, and 2019, using the dollar-value LIFO method for each year.
Inventory at December 31, 2017 $Problem 161 Aber Company manufactures one product.
Inventory at December 31, 2018 $Problem 161 Aber Company manufactures one product.
Inventory at December 31, 2019