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Computing Ending Inventory under Dollar-Value LIFO Wheels Inc. accounts for inventory using the dollar-value LIFO...

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Accounting

Computing Ending Inventory under Dollar-Value LIFO Wheels Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for Year 1 through Year 3 (listed chronologically).

Year Ending Inventory at FIFO Price Index
Year 1 $5,000 1.00
Year 2 8,000 1.10
Year 3 10,000 1.13

Compute ending inventory under the dollar-value LIFO method for Year 1, Year 2, and Year 3. Note: Round your answers to the nearest whole dollar.

Ending Inventory Price Ending Inventory Inventory Price Ending Inventory
Date (End of year prices) Index (Base year prices) Layers Index (Dollar Value LIFO)
Year 1 $5,000 1.00 $5,000 $5,000 1.00 Answer
Year 2 Answer Answer Answer Answer 1.00 Answer
Answer 1.10 Answer
Year 3 Answer Answer Answer Answer 1.00 Answer
Answer 1.10 Answer
Answer 1.13 Answer

Fill in the answer boxes.

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