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The dollar-value lifo method the inventory

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Reference no: EM13852403

Bond Company adopted the dollar-value LIFO inventory method on January 1, 2016. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach.

The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO:

 

 

Ending Inventory

 

At Current

At Base

 

Year

Cost

Year Cost

Cost Index

1/1/16

$307,000

$307,000

1.00

12/31/16

342,935

320,500

1.07

12/31/17

442,680

357,000

1.24

Under the dollar-value LIFO method the Inventory at December 31. 2017 should be

$366,705.

$357,000.

$357,945.

None of these answer choices is correct.

Reference no: EM13852403

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