On January 1, 2021, the Taylor Company adopted the dollar-value
LIFO method. The inventory value for its one inventory pool on this
date was $300,000. Inventory data for 2021 through 2023 are as
follows:
Date | Ending Inventory at Year-End Costs |
Cost Index | |||
12/31/2021 | $ | 332,800 | 1.04 | ||
12/31/2022 | 368,500 | 1.10 | |||
12/31/2023 | 383,500 | 1.18 | |||
Required:
Calculate Taylor's ending inventory for 2021, 2022, and 2023.
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