E 8-23 Mercury Company has only one inventory pool. On December 31, 2011, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $200,000. Inventory data are as follows
Mercury Company has only one inventory pool. On December 31, 2011, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $200,000. Inventory data are as follows:
Year Ending inventory at year-end costs Ending Inventory at Base Year Costs
2012 $231,000 $220,000
2013 299,000 260,000
2014 300,000 250,000
Required:
Compute the inventory at December 31, 2012, 2013, and 2014, using the dollar-value LIFO method.
