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On January 1, 2018, the National Furniture Company adopted the dollar-value LIFO method of computing inventory....

On January 1, 2018, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:

                               Inventory at Cost Index

Year Ended Year-end (Relative to

December 31     Costs               Base Year)

      2018 $259,200 1.08

      2019 296,800 1.12

      2020 299,000 1.15

Required:

Compute inventory amounts at the end of each year, including January 1, 2018.


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