On January 1, 2016, 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 $204,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:
Year Ended
December 31 |
Inventory at
Year-end
Costs |
Cost Index
(Relative to
Base Year) |
| 2016 |
$267,840 |
1.08 |
| 2017 |
310,240 |
1.12 |
| 2018 |
312,800 |
1.15 |
Required: Compute inventory amounts at the end of each year.