Question: Brooks Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $146,000 and a

Brooks Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $146,000 and a retail price of $250,000. The following information is available.

The price index at January 1, 2013, is 100.

Instructions
Compute the ending inventory at December 31 of the years 2013€“2016. Round to the nearestdollar.

2013 2014 2015 2016 Year-End Inventory at Retail $271,000 291,500 280,000 311,000 Current Year Cost-Retail % 58% 60% 61% 59% Year-End Price Index 105 108 110 120

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