roblem 8-11 a

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Coronado Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not understand how to value the inventory pools using this new method, so, as a private consultant, you have been asked to teach him how this new method works. He has provided you with the following information about purchases made over a 6-year period.

Date		Ending Inventory (End-of-Year Prices)				Price Index
Dec. 31, 2016			$73,600			100
Dec. 31, 2017			128,856			118
Dec. 31, 2018			123,950			134
Dec. 31, 2019			147,022			146
Dec. 31, 2020			168,147			157
Dec. 31, 2021			199,584			162

You have already explained to him how this inventory method is maintained, but he would feel better about it if you were to leave him detailed instructions explaining how these calculations are done and why he needs to put all inventories at a base-year value. Compute the ending inventory for Coronado Company for 2016 through 2021 using dollar-value LIFO.

			Ending Inventory
2016			$73600
2017			$115608
2018			$95902
2019			$107874
2020			$ not correct 117522
2021			$not correct 133620