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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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