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The XRG Company uses dollar-value LIFO method of calculating inventory.  The external price index is used to convert ending inventory to base year.  Company began 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 are 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

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

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  • Category:- Accounting Basics
  • Reference No.:- M99676

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