Question: Retail Corp adopted the dollar-value LIFO method on 1-1-2016 Date Year-end inventory at year-end cost Cost index at date indicated separate into layers and multiply

Retail Corp adopted the dollar-value LIFO method on 1-1-2016

Date

Year-end inventory at year-end cost

Cost index at date indicated

 separate into layers and multiply by own index sum recomputed layers

1-1-16

$3,420,000

1.00

12-31-16

$4,000,000

1.07

12-31-17

$4,100,000

1.10

Given the above information, please answer the following questions:

  1. 2A. What is the base inventory value ($)?

  2. 2B. What is the dollar-value LIFO inventory at 12-31-16?

  3. 2C. What is the dollar-value LIFO inventory at 12-31-17?

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