E8-26
The
following information relates to the Choctaw Company.
Ending
Inventory Price
Date
(End-of-Year Prices) Index
December
31, 2009 $ 70,000 100
December
31, 2010 88,200 105
December
31, 2011 95,120 116
December
31, 2012 108,000 120
December
31, 2013 100,000 125
Instructions
Use
the dollar-value LIFO method to compute the ending inventory for Choctaw
Company for 2009 through 2013.
TUTORIAL PREVIEW
Date | Current $ | Price Index | Base-Year $ |
Change from
Prior Year |
Dec. 31, 2009
|
$ 70,000
|
1.00
|
$70,000
|
—
|
Dec. 31, 2010
|
88,200
|
1.05
|
84,000
|
$+14,000
|
Dec. 31, 2011
|
95,120
|
1.16
|
82,000
|
(2,000)
|
File name: E8-26 Choctaw Company.docx File type: docx PRICE:$7
