Dollar-value LIFO
Response to the following problem:
At the beginning of 2016, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool's value on that date was $1,400,000. The 2016 ending inventory valued at year-end costs was $1,664,000 and the year-end cost index was 1.04.
Calculate the inventory value at the end of 2016 using the dollar-value LIFO method.