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The dollar-value LIFO method was adopted by Blue Corp. on January 1, 2020. Its inventory on that date was $390,700. On December 31, 2020, the inventory at prices existing on that date amounted to $369,600. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112.

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TomShelby

Questions:

Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method

Answer:

Ending Inventory  330,000

Explanation:

390,700

369,600 X 100/112 = 330,000

beginning inventory - ending inventory

390,700 - 330,000 = (60,700)

Our inventory decreaseby 60,700 dollar for the time-period

no new layer is created but, older are decreased in that amount

390,600 - 60,700 =   330,000

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