Question: Inverted Catenaries Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for Year 5 through Year 7 (listed chronologically). Year

Inverted Catenaries Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for Year 5 through Year 7 (listed chronologically).

Year Ending Inventory at FIFO Price Index
Year 5 $1,000 1.00
Year 6 1,600 1.10
Year 7 2,000 1.13

Compute ending inventory under the dollar-value LIFO method for Year 5, Year 6, and Year 7. Note: Round your answers to the nearest whole dollar.

Ending Inventory Price Ending Inventory Inventory Price Ending Inventory
Date (End of year prices) Index (Base year prices) Layers Index (Dollar Value LIFO)
Year 5 $1,000 1.00 $1,000 $1,000 1.00

Answer

Year 6

Answer

Answer

Answer

Answer

1.00

Answer

Answer

1.10

Answer

Year 7

Answer

Answer

Answer

Answer

1.00

Answer

Answer

1.10

Answer

Answer

1.13

Answer

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