Problem:
Forsberg Company adopted the dollar value LIFO method on January 1,2008 (using internal prices indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory 1/1/08, at base year cost 200,000, at current year cost 200,000,price index 100, 12/31/08 inventory, at base year cost 240,000, at current year cost 252,000, price index 105, 12/31/09 inventory, at base year cost 256,000, at current year cost 286,720, price index 112.
Required:
Question: Using the dollar value LIFO method, at what amount should the inventory be reported at December 31,2009.
Note: Please provide step by step solution.