Bob's Repair Shop began operations on January 1, 2006. After discussing the matter with his accountant, Bob decided dollar-value LIFO should be used for inventory costing. Information concerning the inventory of Bob's Repair Shop is shown below.

Instructions:
Compute the inventory value at December 31 of each year under the dollar-value LIFO inventory method, assuming incremental layers are valued using the year-end priceindex.

Transcribed Image Text:

Inventory at Year-End Prices Date Year-End Index Dec. 3, 2006 Dec. 31, 2007 Dec. 3, 2008 Dec. 3, 2009 Dec. 3, 2010 Dec. 3, 2011 $32.400 43,100 61,300 52,900 79,700 70,800 1.34 1.20 2.10