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The dollar-value lifo method of computing its inventory

Novak, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow.

Year Ended
December 31 Inventory at
Current-Year Cost Price
Index
2016 $17,900 100
2017 20,196 108
2018 23,504
113

Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method.

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Accounting Basics: The dollar-value lifo method of computing its inventory

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Accounting Basics: The dollar-value lifo method of computing its inventory

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