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Q1) Ryan Hunt Company utilizes dollar-value LIFO method of calculating inventory. The external price index is utilized to convert ending inventory to base year.  Company started operations on January 1, 2006 with the inventory of \$150,000.  Year end inventories at year-end costs and related cost indices for its one inventory pool were given below:

 Year-ended 31-Dec Inventory at Year-end Costs Cost Index (Relative to Base Year) 2006 \$200,000 1.08 2007 245,700 1.17 2008 235,980 1.14 2009 228,800 1.1

Compute carrying value of inventory on each year-end balance sheet.

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M916902

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