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At what value should Maduk report the value

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Question - Maduk Oil started operating on Jan. 1st 2018 and uses the dollar value LIFO method. The price index for oil was 1.0 in Dec. 31st 2018, and 1.1 in Dec. 31st 2019. The production manager provided the following inventory valuation for oil valued at year-end prices:

Dec. 31st 2018: $100,000 (valued at Dec. 31st 2018 prices)

Dec. 31st 2019: $150,000 (valued at Dec. 31st 2019 prices)

Required - At what value should Maduk report the value of its year-end inventory on Dec. 31st 2019 in its balance sheet?

Reference no: EM132494265

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