On January 1, 2016, Avondale Lumber adopted the dollar-value LIFO inventory meth

Question

On January 1, 2016, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $280,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 Inventory Year-End Costs Cost Index (Relative to Base Year)

2016 $ 356,530 1.01

2017 367,500 1.05

2018 416,580 1.06

2019 446,355 1.09

Required: Calculate inventory amounts at the end of each year.

Explanation / Answer

On January 1, 2016, Avondale Lumber adopted the dollar-value LIFO inventory meth

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