On February 15, 2016, Rooker, Madras & Associates compiled the following information concerning inventory for five years.
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On February 15, 2016, Rooker, Madras & Associates compiled the following information concerning inventory for five years. It used the dollar-value LIFO retail inventory method.
Compute the inventory cost at the end of each year under the dollar-value LIFO retail method.
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Year-End Price Index at Retail Incremental Incremental Layer Index Cost Percentage Inventory $155,000 188,600 192,500 194,200 195,800 Date Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2015 1.00 1.04 1.14 1.12 1.16 1.00 1.02 1.09 1.11 1.12 71% 72 64 63 67
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