Question: Computing Ending Inventory under Dollar-Value LIFO Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020

Computing Ending Inventory under Dollar-Value LIFO

Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022.

Year Ending Inventory at FIFO Price Index
2020 $20,000 1.00
2021 32,000 1.10
2022 40,000 1.13

What is its ending inventory under the dollar-value LIFO method for the years 2020, 2021, and 2022?

Note: Round your answers to the nearest whole dollar.

Dollar-value LIFO ending inventory, 2020 Answer
Dollar-value LIFO ending inventory, 2021 Answer
Dollar-value LIFO ending inventory, 2022 Answer

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