Sheridan Company adopted the dollar-value LIFO inventory method on 12/31/19. On this date, its inventory consisted of the following items.

Item		Number of Units			Cost Per Unit			Total Cost
X		320			$2.00			$640
Y		920			4.00			3,680
								$4,320

Additional information:

				December 31
				2020		2021
1.		Units of X in inventory		480		620
2.		Cost of each X unit		$3.00		$4.30
3.		Units of Y in inventory		1,220		1,820
4.		Cost of each Y unit		$6.00		$6.50

(a). Compute the price index for 2020. (Round answer to 2 decimal places, e.g. 52.75.)

Price index for 2020

$

(b). Calculate the 12/31/20 inventory. (Round answer to 0 decimal places, e.g. 5,275.)

Inventory

$

(c). Compute the price index for 2021. (Round answer to 2 decimal places, e.g. 52.75.)

Price index for 2021

$

(d). Calculate the 12/31/21 inventory. (Round answer to 0 decimal places, e.g. 5,275.)

Inventory

$

Answer rating: 100% (QA)

Answer a Compute the price index for 2020 Price index for 2020 150 b Calculate the 123120 inventory Inventory 6600 c Compute the price index for 2021 ... View the full answer