Mercury Company hes only one Inventory pool On December 31, 2018, Mercury adopted the dollar-value LIFO Inventory method. TheInventory on that date using the dollar-value LIFO method was $211,000. Inventory data are as follows:$254,100336,950339,600$242,000293,000283,000201920202021Required:Compute the Inventory at December 31, 2019, 2020, and 2021, using the dölar-value LIFO method. (Round "Yfear end cost Index" to 2decimal places.)EndingInventory DVLCostInventory Layers Converied to Basa Yoar CostInvertory Layars Convertad to CostInventoryat Year-End CostYear-EndCostIndexInventoryLayers atBase YearCostInventoryLayers at BaseYear CostYear-EndCostIndexInventoryLayersConverted toCostDateBase31/2018Base31/2019$ 254,1002019Base1/20202019242020Base202120192020%24%24%3D

Name: Mercury Company hes only one Inventory pool On December 31, 2018, Mer
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Description: Mercury Company hes only one Inventory pool On December 31, 2018, Mercury adopted the dollar-value LIFO Inventory method. TheInventory on that date using the dollar-value LIFO method was $211,000. Inventory data are as follows:$254,100336,950339,600

Computation of Year End Cost Index is as follows:

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Mercury Company has only one Inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO Inventory method. The Inventory on that date using the dollar-value LIFO method was $211,000. Inventory deta are as follows: $254,100 336,950 339,600 $242,000 293,000 283,000 2019 2020 2021 Required: Compute the Inventory at December 31, 2019, 2020, and 2021, using the dollar-value LIFO method. (Round "Year end cost Index" to 2 decimal places.) iventory DVL Cont Inventory Layars Comve Cost Inventory Inventory Layors at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Inventory at Year- End Cost Year-End Cost Date Index Cost %24 %3D Base %3D 31/2018 %3D Base $ 254,100 %3D 31/2019 %24 2019 %3D Base /2020 %3D 2019 %24 2020 %3D Base 2021 2019 24 2020

Mercury Company has only one Inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO Inventory method. The Inventory on that date using the dollar-value LIFO method was $211,000. Inventory deta are as follows: $254,100 336,950 339,600 $242,000 293,000 283,000 2019 2020 2021 Required: Compute the Inventory at December 31, 2019, 2020, and 2021, using the dollar-value LIFO method. (Round "Year end cost Index" to 2 decimal places.) iventory DVL Cont Inventory Layars Comve Cost Inventory Inventory Layors at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Inventory at Year- End Cost Year-End Cost Date Index Cost %24 %3D Base %3D 31/2018 %3D Base $ 254,100 %3D 31/2019 %24 2019 %3D Base /2020 %3D 2019 %24 2020 %3D Base 2021 2019 24 2020

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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