The dollar-value LIFO method was adopted by Windsor Corp. on January 1, 2017. Its inventory on that date was $379,400. On December 31, 2017, the inventory at prices existing on that date amounted to $358,400. The price level at January 1, 2017, was 100, and the price level at December 31, 2017, was 112.           Compute the amount of the inventory at December 31, 2017, under the dollar-value LIFO method. Inventory 12/31/17 under dollar-value LIFO method   $       LINK TO TEXT       On December 31, 2018, the inventory at prices existing on that date was $399,510, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method. Inventory 12/31/18 under dollar-value LIFO method   $       Click if you would like to Show Work for this question: Open Show Work

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Q: dollar-value LIFO method

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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.