7-52 Chapter 7 Inventories: Cost Measurement and Flow Assumptions P7-13 Dollar-Value LIFO Kwestel Company adopted the dollar-value LIF0 method for inventory valuation at the be- ginning of 2015. The following information about the inventory at the end of cach year is available from Kwestel's LO 7.7 records: Year Current Cost Index 2014 2015 2$ $ 8,000 100 10,800 11,500 14,000 10,500 120 130 145 2016 2017 2018 125 Required: Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.
7-52 Chapter 7 Inventories: Cost Measurement and Flow Assumptions P7-13 Dollar-Value LIFO Kwestel Company adopted the dollar-value LIF0 method for inventory valuation at the be- ginning of 2015. The following information about the inventory at the end of cach year is available from Kwestel's LO 7.7 records: Year Current Cost Index 2014 2015 2$ $ 8,000 100 10,800 11,500 14,000 10,500 120 130 145 2016 2017 2018 125 Required: Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Attached is the numbers and spreadsheet for where the numbers are placed .
Please help!
![7-52
Chapter 7
Inventories: Cost Measurement and Flow Assumptions
P7-13
Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at the be-
ginning of 2015. The following information about the inventory at the end of cach year is available from Kwestel's
records:
LO 7.7
Year
Current Cost
Index
$ 8,000
10,800
11,500
14,000
10,500
2014
100
120
2015
2016
130
145
2017
2018
125
Required:
Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb4d5ad30-e7b2-4208-b2be-ad4f4a3d1089%2Faa353b05-09cd-4a4e-a1be-ca48392693b0%2Fce2i8y_processed.jpeg&w=3840&q=75)
Transcribed Image Text:7-52
Chapter 7
Inventories: Cost Measurement and Flow Assumptions
P7-13
Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at the be-
ginning of 2015. The following information about the inventory at the end of cach year is available from Kwestel's
records:
LO 7.7
Year
Current Cost
Index
$ 8,000
10,800
11,500
14,000
10,500
2014
100
120
2015
2016
130
145
2017
2018
125
Required:
Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.
![Copy of ET_PO7-13_Wahlen_Inter...
P7-13
P7-13
Name:
1. Complete the schedule below by filling in the shaded cells.
An asterisk (*) will appear before an incorrect amounts in the specific cells. Round your answers to nearest whole dollar.
Base Year
Cost Index
Current
Increase
Relevant
Increase
Inventory at
(Decrease)
Cost Index
(Decrease)
Ending
Ending Inventory
at Current Costs
Base-Year
at Base-Year
Base-Year
at Relevant
Inventory
Layers in LIFO
Date
Cost Index
Costs
Costs
Cost Index |=
Current Costs
at LIFO
Ending Inventory
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb4d5ad30-e7b2-4208-b2be-ad4f4a3d1089%2Faa353b05-09cd-4a4e-a1be-ca48392693b0%2F74q0dkp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Copy of ET_PO7-13_Wahlen_Inter...
P7-13
P7-13
Name:
1. Complete the schedule below by filling in the shaded cells.
An asterisk (*) will appear before an incorrect amounts in the specific cells. Round your answers to nearest whole dollar.
Base Year
Cost Index
Current
Increase
Relevant
Increase
Inventory at
(Decrease)
Cost Index
(Decrease)
Ending
Ending Inventory
at Current Costs
Base-Year
at Base-Year
Base-Year
at Relevant
Inventory
Layers in LIFO
Date
Cost Index
Costs
Costs
Cost Index |=
Current Costs
at LIFO
Ending Inventory
X
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