Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $208,000. Inventory data are as follows: Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs Year 2022 $247,800 326, 600 328, 800 $236,000 284,000 274,000 2023 2024 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $208,000. Inventory data are as follows: Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs Year 2022 $247,800 326, 600 328, 800 $236,000 284,000 274,000 2023 2024 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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Question
![Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The
inventory on that date using the dollar-value LIFO method was $208,000. Inventory data are as follows:
Ending Inventory at
Year-End Costs
Ending Inventory at
Base Year Costs
Year
$247,800
326,600
328,800
$236, 000
284,000
274, 000
2022
2023
2024
Required:
Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to
2 decimal places.)
Inventory Layers Converted to Cost
Inventory DVL
Cost
Inventory Layers Converted to Base Year Cost
Inventory
Layers
Converted to
Year-End
Inventory
Inventory
Layers at Base
Year Cost
Year-End
Inventory at
Year-End Cost
Date
Cost
Index
Cost
Layers at Base
Year Cost
Index
Cost
12/31/2021
Base
12/31/2022
Base
%3D
2022
12/31/2023
Base
2022
%3D
2023
12/31/2024
Base
2022
2023
2024
%3D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5aa115eb-b540-4546-9173-16bf3ca35e63%2F0630d6c8-9300-4505-aec8-146d3916fe1f%2F14qopjw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The
inventory on that date using the dollar-value LIFO method was $208,000. Inventory data are as follows:
Ending Inventory at
Year-End Costs
Ending Inventory at
Base Year Costs
Year
$247,800
326,600
328,800
$236, 000
284,000
274, 000
2022
2023
2024
Required:
Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to
2 decimal places.)
Inventory Layers Converted to Cost
Inventory DVL
Cost
Inventory Layers Converted to Base Year Cost
Inventory
Layers
Converted to
Year-End
Inventory
Inventory
Layers at Base
Year Cost
Year-End
Inventory at
Year-End Cost
Date
Cost
Index
Cost
Layers at Base
Year Cost
Index
Cost
12/31/2021
Base
12/31/2022
Base
%3D
2022
12/31/2023
Base
2022
%3D
2023
12/31/2024
Base
2022
2023
2024
%3D
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