Question - The following information relates to the Choctaw Company.
|
Date
|
Ending Inventory (End-of-Year Prices)
|
Price Index
|
|
December 31, 2007
|
$70,000
|
100
|
|
December 31, 2008
|
88,200
|
105
|
|
December 31, 2009
|
70,120
|
116
|
|
December 31, 2010
|
80,000
|
120
|
Required - Compute the ending inventory for each year using the dollar value LIFO method.