Homework Answers
- Here first we need to compute the year end inventory on 12/31/18 at base year prices
Year end inventory at base year prices = ($1331000 * 100) / 110 = $1210000
- Now real Dollar increase in inventory =Year end inventory at base year price - Inventory value as on December 31,2017
= $1210000 - $969000
= $241000
- Now valuing the increase in inventory at year end prices
= ($241000 * 110 ) / 100
= $265100
Now computing inventory as on December 31,2018
| Particulars | Amount (in$) |
| Beginning Inventory as on December31, 2017 | 969000 |
| Add: Increase in inventory at year end prices | 265100 |
| Dollar Value LIFO Inventory on December 31, 2018 | 1234100 |
Therefore the dollar value LIFO inventory as on December 31, 2018 is $1234100
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