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On January 1, 2018, the National Furniture Company adopted the dollar-value LIFO method of computing...

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Accounting

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On January 1, 2018, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $209,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows Inventory at Cost Index Year Ended December 31 Year-end (Relative to Costs e Year) 2018 2019 2020 $278,640 327,040 330,050 1.08 1.12 1.15 Required Compute inventory amounts at the end of each year Ending Inventory DVL Cost Date 12/31/2018 12/31/2019 12/31/2020

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