Question

Semco /course/ 00 1 24715 VIEW TOPICS Practice and Manual Current Attempt in Progress The following information relates to the Edward Lewis Company. Aexcel d Access JS Support uides Date December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 Ending Inventory (End-of-Year Prices) $ 69,100 116,874 126,841 142,376 131,670 Price Index 100 129 143 148 154 Use the dollar-value LIFO method to compute the ending inventory for Lewis Company for 2016 through 2020. Ending Inventory 2016 5 2017 $ 2018 2019 2020 $ 8:59 AM 1 223/202019 0

how can I solve these two questions?

Answer 1

	Ending Inventory (EOY prices)	Price Index	Conversion factor	EI at base yr. cost		Inc./Dec.	Inventory layers	Year	Conversion factor(base + added yr.)	Layers added	EI at Dollar Value LIFO
1	2	3	4	5		6=Current 5-Prev. 5	7	8	9	10=7*9	11=Total of layers in 10
31-Dec-16	69100	100	100/100	69100/100*100=	69100	0	69100	Base layer	1	69100	69100
31-Dec-17	116874	129	100/129	116874/129*100=	90600	21500	69100	Base layer	1	69100
							21500	2017	1.29	27735	96835
31-Dec-18	126841	143	100/143	126841/143*100=	88700	-1900	69100	Base layer	1	69100
							19600	2017	1.29	25284	94384
31-Dec-19	142376	148	100/148	142376/148*100=	96200	7500	69100	Base layer	1	69100
							19600	2017	1.29	25284
							7500	2019	1.48	11100	105484
31-Dec-20	131670	154	100/154	131670/154*100=	85500	-10700	69100	Base layer	1	69100
							16400	2017	1.29	21156	90256