Question

# The following information relates to the Richard Miller Company. Date Ending Inventory (End-of-Year Prices) Price Index...

The following information relates to the Richard Miller Company.

 Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2016 \$ 66,900 100 December 31, 2017 103,194 117 December 31, 2018 110,940 129 December 31, 2019 124,887 133 December 31, 2020 115,787 139

Use the dollar-value LIFO method to compute the ending inventory for Miller Company for 2016 through 2020.

 Date Ending Inventory (End-of-Year Prices) Price Index Inventory at base year prices Change from last year Change in inventory at present prices a b c=a/b% d e=d*b% December 31, 2016 66,900 100 66900 0 0 December 31, 2017 1,03,194 117 88200 21300 24921 December 31, 2018 1,10,940 129 86000 -2200 -2838 December 31, 2019 1,24,887 133 93900 7900 10507 December 31, 2020 1,15,787 139 83300 -10600 -14734 Ending Inventory using dollar value LIFO Method Year Calculation Ending Inventory 2016 66,900 2017 (66900+24921) 91,821 2018 (66900+24921-2838) 88,983 2019 (66900+24921-2838+10507) 99,490 2020 (66900+24921-2838+10507-14734) 84,756

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