(Dollar Value LIFO) The dollar value LIFO method was adopted by King Corp. on January...

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Accounting

(Dollar Value LIFO) The dollar value LIFO method was adopted by King Corp. on January 1,2012. Its inventory on that date was 160,000. On December 31,2012 the inventory at prices existing on that date amounted to $ 151,200. The price level at January 1,2012 was 100, and the price level on December 31,2012 was 112. Instructions Compute the amount of the inventory at December 31,2012 under the dollar-value method

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