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.

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Answer #1
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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