Problem:
I am using the dollar value LIFO method to compute the ending inventory for 2009 through 2013. I have Information provided below. I was able to compute the ending inventory for 2009 and 2010 shown below. After that I am not coming up with the right answers. Kindly help and advise me on how to compute the correct answers.
The following information relates to the Choctaw Company:
Date Ending Inventory (End-of-Year Prices) Price 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
Use the dollar-value LIFO method to compute the ending inventory for Choctaw Company for 2009 through 2013.
Ending Inventory
2009 $ 70,000
2010 $ 84,700
2011 $ ?
2012 $ ?
2013 $ ?