Bond Company adopted the dollar-value LIFO inventory method on January 1, 2013. In applying the LIFO method, Bond uses internal…
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Bond Company adopted the dollar-value LIFO inventory method on January 1, 2013. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: |
| Ending Inventory | |||
| At Current | At Base | ||
| Year | Cost | Year Cost | Cost index |
| 1/1/13 | $305,000 | $305,000 | 1.00 |
| 12/31/13 | 334,360 | 321,500 | 1.04 |
| 12/31/14 | 441,440 | 356,000 | 1.24 |
|
Under the dollar-value LIFO method the inventory at December 31, 2014, should be |
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