On January 1, 2021, the National Furniture Company edopted the dollar-value LIFO method of computing inventory....

 

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On January 1, 2021, the National Furniture Company edopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year Inventory on January 1 was $207.000 Year-end inventories at year end costs and cost indexes for its one inventory pool were as follows Inventory at Year end Costs $274, 320 320, 320 323,150 Year Ended Decenber 31 Cost Index (Relative te Base Year) 2021 2022 2023 1.00 1.12 1.15 Required: Compute inventory amounts at the end of each year using the dollar-value LIFO method Ending Inventory DVI Cost Date 12/31/2021 12/31/2022 12/31/2023 On January 1, 2021, the National Furniture Company edopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year Inventory on January 1 was $207.000 Year-end inventories at year end costs and cost indexes for its one inventory pool were as follows Inventory at Year end Costs $274, 320 320, 320 323,150 Year Ended Decenber 31 Cost Index (Relative te Base Year) 2021 2022 2023 1.00 1.12 1.15 Required: Compute inventory amounts at the end of each year using the dollar-value LIFO method Ending Inventory DVI Cost Date 12/31/2021 12/31/2022 12/31/2023

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