Question: In 2008, Van Hover Inc. adopted the dollar-value LIFO retail inventory method. The January 1, 2008, price index was 1.00. The following data are available

In 2008, Van Hover Inc. adopted the dollar-value LIFO retail inventory method. The January 1, 2008, price index was 1.00. The following data are available for the 4-year period ending December 31, 2011.

Instructions:
Calculate the inventories to be reported at the end of 2008, 2009, 2010, and 2011. Incremental layers are costed at end-of-yearprices.

Cost Retail Inventory. January I $148,050 $235,000 635.000 590,000 1.12 ..393,700 Sales Year-end price Index.. Purchases Sales Year-end price Index .. $363,000 $550,000 579.170 1.08 2010: Purchases Sales Year-end price index $650,000 641.955 1.09 $377,000 2011 Purchases Sales Year-end price Index $800.000 762,500 1.12 $504.000

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