Question

Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:

Date - Inventory at Current Price - Current Prices Index
31-Dec-14 - $642,000 - 107
31-Dec-15 - 725,000 - 125
31-Dec-16 - 812,500 - 130
1. What is the cost of ending inventory December 31, 2017 under Dollar-value LIFO method?
2. What is the cost of ending inventory December 31, 2018 under Dollar-value LIFO method?
3. What is the cost of ending inventory December 31, 2019 under Dollar-value LIFO method?

Answer 1

$550,000 ; $614500 ; $666928 ; 721479

Step-by-step explanation:

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