Dollar Value LIFO Retail Method
On February 15, 2009, Rooker, MaDr.as & Associates compiled the following information concerning inventory for five years. They used the dollar value LIFO retail inventory method.
|
|
Year End |
|
|
|
|
|
Price Index |
Incremental |
Incremental |
|
|
Date |
at Retail |
Layer Index |
Cost Percentage |
Inventory |
|
Dec 31, 2004 |
1.00 |
1.00 |
71% |
$155,000 |
|
Dec 31, 2005 |
1.04 |
1.02 |
72 |
188,600 |
|
Dec 31, 2006 |
1.14 |
1.09 |
64 |
192,500 |
|
Dec 31, 2007 |
1.12 |
1.11 |
63 |
194,200 |
|
Dec 31, 2008 |
1.16 |
1.12 |
67 |
195,800 |
Compute the inventory cost at the end of each year under the dollar value LIFO retail method. (Round all dollar amounts to the nearest dollar.)