On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing...
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On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $202,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 Inventory at Year-end Costs $263,520 303,520 305,900 Cost Index (Relative to Base Year) 1.08 1.12 1.15 Required: Compute inventory amounts at the end of each year using the dollar value LIFO method DSC Ending Inventory DVL Cost 12/31/2021 12/31/2022 12/31/2023
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