Answer:
See the explanation for the answer
Explanation:
Year Inventory at Price Inventory at Change Dollar value
end of year Index base year from prior LIFO
price prices year inventory
$ $ $ $
2017 83,200 100 83,200 - 83,200
2018 145,934 131 111,400 28,200 120,142
2019 142,950 150 95,300 (16,100) 99,051
2020 161,696 163 99,200 3,900 105,408
2021 193,200 175 110,400 11,200 125,008
2022 227,698 181 125,800 15,400 152,882
Dollar value LIFO inventory :
December 31, 2017: $ 83,200 x 100 / 100 = $ 83,200
December 31, 2018 : $ 83,200 + $ ( 28,200 x 131/100) = $ 120,142
December 31, 2019 : $ 83,200 + $ ( 28,200 - 16,100 x 131/100) = $ 99,051
December 31, 2020 : $ 99,051 + $ 3,900 x 163/100 = $ 105,408
December 31, 2021 : $ 105,408 + $ 11,200 x 175/100 = $ 125,008
December 31, 2022 : $ 125,008 + $ 15,400 x 181/100 = $ 152,882
