13. On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventory at Year-End Costs Cost Index 12/31/2021 $ 436,800 1.04 12/31/2022 487,200 1.12 12/31/2023 518,500 1.22 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
13. On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventory at Year-End Costs Cost Index 12/31/2021 $ 436,800 1.04 12/31/2022 487,200 1.12 12/31/2023 518,500 1.22 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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13.
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows:
| Date | Ending Inventory at Year-End Costs |
Cost Index | |||
| 12/31/2021 | $ | 436,800 | 1.04 | ||
| 12/31/2022 | 487,200 | 1.12 | |||
| 12/31/2023 | 518,500 | 1.22 | |||
Required:
Calculate Taylor's ending inventory for 2021, 2022, and 2023.
Transcribed Image Text:Calculate Taylor's ending inventory for 2021, 2022, and 2023.
Inventory Layers Converted to Cost
Inventory DVL
Cost
Inventory Layers Converted to Base Year Cost
Inventory
Layers at
Base Year
Cost
Inventory
Layers
Converted to
Inventory at
Year-End
Year-End
Cost
Index
Inventory
Layers at Base
Year Cost
Year-End
Cost
Index
Date
Cost
Cost
01/01/2021
12/31/2021
Base
Base
2021
12/31/2022
Base
=
2021
2022
12/31/2023
Base
2021
2022
2023
%24
%24
%24
I| ||
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