At the beginning of 2021, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $85,000. The company uses an internally generated cost index to convert ending inventory to base year. Required: Determine the missing amounts in the inventory data for 2021 through 2024. (Round cost index to 2 decimal places.) Ending Ending Year Ended Inventory at Inventory at Inventory at December 31 Year-End costs Base-Year Costs Cost Index DVL cost 2021 $ 104,860 $ 98,000 1.07 2022 $ 148,480 1.16 2023 $ 166,000 $ 132,800 2024 1.30 $ 143,545
At the beginning of 2021, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $85,000. The company uses an internally generated cost index to convert ending inventory to base year. Required: Determine the missing amounts in the inventory data for 2021 through 2024. (Round cost index to 2 decimal places.) Ending Ending Year Ended Inventory at Inventory at Inventory at December 31 Year-End costs Base-Year Costs Cost Index DVL cost 2021 $ 104,860 $ 98,000 1.07 2022 $ 148,480 1.16 2023 $ 166,000 $ 132,800 2024 1.30 $ 143,545
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At the beginning of 2021, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of
its one inventory pool was $85,000. The company uses an internally generated cost index to convert ending inventory to base year.
Required:
Determine the missing amounts in the inventory data for 2021 through 2024. (Round cost index to 2 decimal places.)
Ending
Ending
Year Ended
Inventory at
Inventory at
Inventory at
December 31
Year-End costs
Base-Year Costs
Cost Index
DVL cost
2021
$
104.860 $
98,000
1.07
2022
$
148.480
1.16
2023
$
166,000 $
132,800
2024
1.30 $
143,545
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