(Answered) Question - presented below is information related to t

Accounting

Question - Presented below is information related to T Company.

Ending inventory at most recent costs Cost index

12-31-05 $5,000,000 100.0

12-31-06 $5,252,000 101.0

12-31-07 $5,406,000 102.0

12-31-08 $5,252,000 104.0

12-31-09 $5,538,500 104.5

12-31-10 $5,088,000 106.0

a. Compute the ending inventory for T for 12-31-06 through 12-31-10 using the dollar-value LIFO method.

b. Assume that net purchases during 2010 totaled $71,000,000. Compute COGS for the year ended 12-31-10.

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