Assignment:
Question 1. Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.
Year Ended
December 31 |
|
Inventory at
Current-Year Cost |
|
Price
Index |
| 2013 |
|
$18,600 |
|
100 |
| 2014 |
|
20,952 |
|
108 |
| 2015 |
|
25,308 |
|
114 |
Compute the value of the 2014 and 2015 inventories using the dollar-value LIFO method.
| |
|
2014 |
|
2015 |
| Inventory under LIFO |
|
$ |
|
$ |