Prepare Ending Inventory Using LIFO Method

Question

(Dollar – value LIFO) Presented below is information related to Dino Radja Company.
                                                                               Ending Inventory                         Price
Date                                                                    (End-of-Year Prices)                       Index                                                                   
December 31, 2005                                                         $80,000                               100
December 31, 2006                                                         115,500                               105
December 31, 2007                                                         108,000                               120
December 31, 2008                                                         122,200                               130
December 31, 2009                                                         154,000                               140
December 31, 2010                                                         176,900                               145

Instructions:

Compute the ending inventory for Dino Radja Company for 2005 through 2010 using the dollar-value LIFO method.

Summary

The question belongs to Accounting and it is about preparing an ending inventory for a company using LIFO method.

Total Word Count 104