Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.
Alsace Company manufactures one product. On December 31, 2014, Alsace adopted the dollar-value LIFO inventory method. Inventory data are as follows:...
2019 553,000 140
Compute the ending inventory using the dollar-value LIFO method as of:
Year Inventory @ yr. End Price Price Index % Base Price +/- prior yr.
2014 $270,000 100 $270,000
2015 378,000 105 360,000 + 90,000
2016 552,000 115 480,000 + 120,000
2017 575,000 125 460,000 - (20,000)
2018 675,000 135 500,000 + 40,000
2019 553,000 140 395,000 - (105,000)
2014 $270,000 x 100% = $270,000
December 31, 2015 = 270,000 x 100% = 270,000
90,000 x 105% = 94,500
$364,500
December 31, 2016 = 270,000 x 100% = 270,000
90,000 x 105% = 94,500
120,000 x 115% = 138,000
$502,500
December 31, 2017 = 270,000 x 100% = 270,000
90,000 x 105% = 94,500
100,000 x 115% = 115,000
$479,500
December 31, 2018 = 270,000 x 100% = 270,000
90,000 x 105% = 94,500
100,000 x 115% = 115,000
40,000 x 135% = 54,000
$533,500
December 31, 2019 = 270,000 x 100% = 270,000
90,000 x 105% = 94,500
35,000 x 115% = 40,250
$404,750
The Base prices and the +/- are my answers, as well as all the answers in red. The only answer I am not sure of is the total for 2019, the $404.750. Could someone help me and let me know if I have the correct information for 2019. Thank you.
