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Unformatted text preview: the LCM rule is applied to classes of trees. 3) Determine the balance sheet inventory carrying value assuming the LCM rule is applied to the total inventory. Problem 3: Winchel Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2011, with an inventory of $150,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 Ending Inventory at Year-End Costs Cost Index (Relative to Base Year) 2011 $200,000 1.08 2012 245,700 1.17 2013 235,980 1.14 2014 228,800 1.10 Required: Using Excel, calculate ending inventory for 2011, 2012, 2013, and 2014. Print a hard copy of your excel for your homework submission. FYI, you should be using Excel as a functional tool, not as a word processing device!...
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- Spring '10