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QUESTION
A company was formed in 2012. On December 31, 2012 the ending inventory value was $300,000. Dollar-value LIFO was adopted in 2012.
Ending inventory at FIFO value Price index
2013 $321,360 103
2014 324,450 105
2015 342,400 107
Compute the ending inventory value for Dollar-value LIFO for each year. Also, determine the ending value of the Allowance to Adjust Inventory to LIFO account (LIFO Reserve) for each year.
