Price index = 1.4747.

Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2020, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $22 per unit.)

Concord Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $22 per unit. None of this inventory was sold in 2019. Relevant information is as follows. 130 Ending inventory units December 31, 2019 December 31, 2020, by purchase date December 2, 2020 July 20, 2020 130 50 180 During the year 2020, the following purchases and sales were made. Sales Purchases 330 units 330 units at $26 230 at 27 330 March 15 July 20 September 4 December 2 April 10 August 20 November 18 December 12 at 31 180 230 units 130 units at 33 230 The company uses the periodic inventory method