Question

(8 points) The following information relates to the Windsor Company.DateEnding Inventory(End-of-Year Prices)PriceIndexDecember 31, 2013$ 63,500100December 31, 2014105,434119December 31, 2015113,446131December 31, 2016128,792136December 31, 2017118,158141Use the dollar-value LIFO method to compute the ending inventory for Windsor Company for 2013 through 2017.

Answer 1

Windsor Company

year Inventory Indexes Inventory Change from prior y

at year prices at base year price

2013 $63,500 100 63,500 -

2014 105,434 119 88,600 25,100

2015 113,446 131 86,600 (2000)

2016 128,792 136 94,700 8,100

2017 118,158 141 83,800 (10,900)

Dollar Value Inventory

Dec 31 , 2013 $63,500 at 1.00 $63,500

Dec 31, 2014 $63,500 at 1.00 $63,500

25,100 * 1.19 29,869

93,369

Dec 31 2015 $63,500*1.00 63,500

23,100*1.19 27,489

90,989

Dec 31, 2016 $63,500*1.00 63,500

23,100*1.19 27,489

8,100*1.36 11,016

102,005

Dec 31 , 2017 $63,500*1.00 63,500

20,300*1.19 24,157

87,657

Step-by-step explanation: