Bond Company adopted the dollar-value LIFO inventory method on January 1, 2016. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach.
The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO:
|
Ending Inventory
|
|
|
At Current
|
At Base
|
|
|
Year
|
Cost
|
Year Cost
|
Cost Index
|
|
1/1/16
|
$307,000
|
$307,000
|
1.00
|
|
12/31/16
|
342,935
|
320,500
|
1.07
|
|
12/31/17
|
442,680
|
357,000
|
1.24
|
Under the dollar-value LIFO method the Inventory at December 31. 2017 should be
$366,705.
$357,000.
$357,945.
None of these answer choices is correct.