Dollar Value LIFO Retail
The company compiled the following information concerning inventory for the current year:
|
|
Year End |
|
|
|
|
|
Price Index |
Incremental |
Incremental |
Inventory |
|
Date |
at Retail |
Layer Index |
Cost Percentage |
at Retail |
|
Jan. 1 |
1.00 |
1.00 |
65% |
$ 80,000 |
|
Dec. 31 |
1.10 |
1.05 |
70 |
110,000 |
Compute the inventory cost at year end using the dollar value LIFO retail method.