(Answered) Question - amber company has used the dollar-value lifo

Accounting

Question - Amber Company has used the dollar-value LIFO technique for the past three years. The company has only one inventory pool. Its beginning inventory for the current year was computed as follows:

Base Period Cost LIFO Index LIFO layer

Base period inv. $1,400,000 1.00 $1,400,000

Year 1 layer 200,000 1.03 206,000

Year 2 layer 400,000 1.05 420,000

The current-year ending inventory at current prices is $2,226,000, and the LIFO index is 1.06 Determine the company's LIFO inventory as of the end of the current year.

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