Please help with answers asap Check my workKingston Company uses the dollar-value LIFO method of computing Inventory. An external price Index Is used to convert endingInventory to base year. The company began operations on January 1, 2021, with an Inventory of $275,000. Year-end inventorles atyear-end costs and cost Indexes for Its one Inventory pool were as follows:Ending Inventoryat Year-End Costs$378,800480, 260456, 550448, B00Year EndedDecember 31Cost Index(Relative to Base Year)20211.8820221.1820231.1520241.10RequiredCalculate Inventory amounts at the end of each year. (Round Intermedlate calculations and final answers to the nearest wholedollars.)Inventory Layers Converted to Base Year CostInventory Layers Converted to CostInventory VLCosCastInventoryLayers atBase YearCostYearInventory atYear-EndCostYear-EndCostIndexInventoryLayers at BaseYear CostInventoryLayersConverted toCostDateEndCostIndexl01/01/2021Base12/31/2021Base%3D%3D202112/31/2022Base2021202212/31/2023Base20212022202312/31/2024Base2021202220232024

LIFO stands for Last in, first out, it is the method which is used for the inventory accounting that…

Kingston 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, 2021, with an Inventory of $275,000. Year-end inventories at year-end costs and cost Indexes for Its one Inventory pool were as follows: Year Ended Decenber 31 2021 2022 2023 2024 Ending Inventory at Year-Ind Costs $378,000 480, 260 456, 550 448, 000 Cost Index (Relative to Base Year) 1.88 1.18 1.15 1.10 Required Calculate Inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars)

Kingston 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, 2021, with an Inventory of $275,000. Year-end inventories at year-end costs and cost Indexes for Its one Inventory pool were as follows: Year Ended Decenber 31 2021 2022 2023 2024 Ending Inventory at Year-Ind Costs $378,000 480, 260 456, 550 448, 000 Cost Index (Relative to Base Year) 1.88 1.18 1.15 1.10 Required Calculate Inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars)

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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