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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