Dollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Current Cost Year 2018 2019 2020 2021 $38,500 53,880 56,550 67,200 2019 2020 2021 Required: Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method. Year 2018 E Index 100 120 130 140 Ending inventory

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.