Dollar-value LIFO
Response to the following problem:
On January 1, 2016, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $660,000. The 2016 and 2017 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2016 and 1.08 for 2017.
Required:
Calculate the inventory value at the end of 2016 and 2017 using the dollar-value LIFO method.