Exercise 8-23 Your answer is partially correct. Try again. The following informa
ID: 2438315 • Letter: E
Question
Exercise 8-23 Your answer is partially correct. Try again. The following information relates to the Stellar Company. Ending Inventory (End-of Year Price Date Prices) December 31, 2013 December 31, 2014 December 31, 2015 December 31, 2016 December 31, 2017 $69,400 102,080 110,208 123,816 116,058 Index 100 116 128 132 138 Use the dollar-value LIFO method to compute the ending inventory for Stellar C Ending Inventory 2013 69400 2014 90976 2015 88772 2016 98632 2017 86452 Click if you would like to Show Work for this question: Open Show Wor LINK TO TEXTExplanation / Answer
Answer
Price Index
Ending Inventory
Inventory at Base Year
Change from Prior Year
1
$ 69,400.00
$ 69,400.00
$ -
1.16
$ 102,080.00
$ 88,000.00
$ 18,600.00
1.28
$ 110,208.00
$ 86,100.00
$ (1,900.00)
1.32
$ 123,816.00
$ 93,800.00
$ 7,700.00
1.38
$ 116,058.00
$ 84,100.00
$ (9,700.00)
Inventory
Price Index
Ending Inventory Dollar Value LIFO
$ 69,400.00 [base year inventory]
1
$ 69,400.00
$ 16,700.00 [18600 – 1900]
1.16
$ 19,372.00
$ 7,700.00 [2016]
1.32
$ 10,164.00
$ 93,800.00 [total = value equal to 2016 Inventory at base Year]
$ 98,936.00
Price Index
Ending Inventory
Inventory at Base Year
Change from Prior Year
1
$ 69,400.00
$ 69,400.00
$ -
1.16
$ 102,080.00
$ 88,000.00
$ 18,600.00
1.28
$ 110,208.00
$ 86,100.00
$ (1,900.00)
1.32
$ 123,816.00
$ 93,800.00
$ 7,700.00
1.38
$ 116,058.00
$ 84,100.00
$ (9,700.00)
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