Question: Packard, Inc., adopted the dollar-value LIFO inventory method on June 30, 2013, the end of its fiscal year. Packards inventory records provide the following information:

Packard, Inc., adopted the dollar-value LIFO inventory method on June 30, 2013, the end of its fiscal year. Packard€™s inventory records provide the following information:

Required:
Calculate the ending inventory for Packard, Inc., for 2014, 2015, 2016, and 2017 using the dollar-value LIFOmethod.

Date Year-End Current Cost June 30, 2013 June 30, 2014 June 30, 2015 June 30, 2016 June 30, 2017 $345,000 340,000 385,000 398,000 410,000 Relevant Cost Index 1.00 0.96 1.04 1.09 1.10

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