compute the ending inventories under the dollar value lifo method for 2011 2012 and 645752
(Internal Indexes—Dollar Value LIFO) Presented below is information related to Kaisson Corporation for the last 3 years.
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Quantities in Ending Inventories |
Base Year Cost |
Current Year Cost |
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Item |
Unit Cost |
Amount |
Unit Cost |
Amount |
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December 31, 2011 |
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A |
9,000 |
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$2.00 |
$18,000 |
$2.20 |
$19,800 |
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B |
6,000 |
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3.00 |
18,000 |
3.55 |
21,300 |
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C |
4,000 |
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5.00 |
20,000 |
5.40 |
21,600 |
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Totals |
$56,000 |
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$62,700 |
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December 31, 2012 |
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A |
9,000 |
$2.00 |
$18,000 |
$2.60 |
$23,400 |
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B |
6,800 |
3.00 |
20,400 |
3.75 |
25,500 |
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C |
6,000 |
5.00 |
30,000 |
6.40 |
38,400 |
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Totals |
$68,400 |
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$87,300 |
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December 31, 2013 |
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A |
8,000 |
$2.00 |
$16,000 |
$2.70 |
$21,600 |
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B |
8,000 |
3.00 |
24,000 |
4.00 |
32,000 |
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C |
6,000 |
5.00 |
30,000 |
6.20 |
37,200 |
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Totals |
$70,000 |
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$90,800 |
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Instructions
Compute the ending inventories under the dollar value LIFO method for 2011, 2012, and 2013. The base period is January 1, 2011, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.