Problem 8-15 Dollar-value LIFO [LO8-8]

On January 1, 2016, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $295,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:

Year Ended

December 31 Inventory

Year-End Costs Cost Index

(Relative to Base Year)

2016 $ 382,130 1.03

2017 393,760 1.07

2018 447,120 1.08

2019 479,520 1.11

Required:

Calculate inventory amounts at the end of each year.

12/31/16= 373,280

12/31/17

12/31/18

12/31/19

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