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 $201,000. Inventory data are as follows: Ending Inventory at Year-End Costs $233,100 302,450 303,600 Ending Inventory at Year Base Year Costs 2022 2023 $222,000 263,000 253,000 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.)
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 $201,000. Inventory data are as follows: Ending Inventory at Year-End Costs $233,100 302,450 303,600 Ending Inventory at Year Base Year Costs 2022 2023 $222,000 263,000 253,000 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.)
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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Exercise 8-27 (Algo) Dollar-value LIFO (LO8-8]
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 $201,000. Inventory data are as follows:
Ending Inventory at
Ending Inventory at
Year
Year-End Costs
Base Year Costs
2022
2023
$233,100
302,450
303,600
$222,000
263,000
253,000
2024
Required:
Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to
2 decimal places.)
X Answer is not complete.
Inventory Layers Converted to Base Year Cost
Inventory
DVL Cost
Inventory Layers Converted to Cost
Inventory
at Year-End
Cost
Year-
End
Cost
Index
Inventory
Layers at
Base Year
Inventory
Layers at
Base Year
Cost
Year-
Inventory
Layers
Converted
to Cost
Date
End
Cost
Index
Cost
12/31/2021
220,000 X
273,000 X
I$
1
220,000 X Base
IS
220,000 8
220,000 S
220,000
12/31/2022
1.05
$
260,000
Base
220,000 8
1
220,000 X
2022
$
40,000 X
1.05
$
42,000 X $
262,000
12/31/2023
$
368,000
1.15
320,000 O Base
$
$ 220,000 X
%3D
1
$4
220,000 X
2022
40,000 X
1.05
$
42,000 X
2023
331 000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e1bfd6a-3cb6-4031-858f-4ba8da8545b1%2F6b70911e-2424-43f5-ba4b-9fbf36fe43da%2F1aikdur_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ret
Exercise 8-27 (Algo) Dollar-value LIFO (LO8-8]
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 $201,000. Inventory data are as follows:
Ending Inventory at
Ending Inventory at
Year
Year-End Costs
Base Year Costs
2022
2023
$233,100
302,450
303,600
$222,000
263,000
253,000
2024
Required:
Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to
2 decimal places.)
X Answer is not complete.
Inventory Layers Converted to Base Year Cost
Inventory
DVL Cost
Inventory Layers Converted to Cost
Inventory
at Year-End
Cost
Year-
End
Cost
Index
Inventory
Layers at
Base Year
Inventory
Layers at
Base Year
Cost
Year-
Inventory
Layers
Converted
to Cost
Date
End
Cost
Index
Cost
12/31/2021
220,000 X
273,000 X
I$
1
220,000 X Base
IS
220,000 8
220,000 S
220,000
12/31/2022
1.05
$
260,000
Base
220,000 8
1
220,000 X
2022
$
40,000 X
1.05
$
42,000 X $
262,000
12/31/2023
$
368,000
1.15
320,000 O Base
$
$ 220,000 X
%3D
1
$4
220,000 X
2022
40,000 X
1.05
$
42,000 X
2023
331 000
![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.)
X Answer is not complete.
Inventory Layers Converted to Base Year Cost
Inventory Layers Converted to Cost
Inventory
DVL Cost
Year-
Inventory
at Year-End
Cost
Inventory
Layers at
Base Year
Cost
Inventory
Layers at
Base Year
Cost
Year-
End
Cost
Index
Inventory
Layers
Converted
to Cost
Date
End
Cost
Index
12/31/2021
$4
220,000 X
1
Is
220,000 X Base
220,000 X
$
220,000 X $
%3D
12/31/2022
$
273,000 X
220,000
1.05
IS
260,000 X Base
S
S 220,000 x
1
220,000 X
2022
$
40,000 X
1.05
$
42,000 X $
%3D
262,000
12/31/2023
$ 368,000 X
1.15
320,000 X Base
%3D
220,000 X
$
220,000 X
%3D
2022
$
40,000 X
1.05
2$
42,000 X
2023
IS
60,000 X
1.15
69,000 O $
331,000
12/31/2024
$
372,000 X
1.20
310,000 X Base
220,000 X
2$
220,000 X
2022
IS
40,000 X
1.05
$
42,000 X
2023
50,000 X
1.15
57,500 X
2024
1.20
2$
2$
319,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e1bfd6a-3cb6-4031-858f-4ba8da8545b1%2F6b70911e-2424-43f5-ba4b-9fbf36fe43da%2F01f5mwy_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.)
X Answer is not complete.
Inventory Layers Converted to Base Year Cost
Inventory Layers Converted to Cost
Inventory
DVL Cost
Year-
Inventory
at Year-End
Cost
Inventory
Layers at
Base Year
Cost
Inventory
Layers at
Base Year
Cost
Year-
End
Cost
Index
Inventory
Layers
Converted
to Cost
Date
End
Cost
Index
12/31/2021
$4
220,000 X
1
Is
220,000 X Base
220,000 X
$
220,000 X $
%3D
12/31/2022
$
273,000 X
220,000
1.05
IS
260,000 X Base
S
S 220,000 x
1
220,000 X
2022
$
40,000 X
1.05
$
42,000 X $
%3D
262,000
12/31/2023
$ 368,000 X
1.15
320,000 X Base
%3D
220,000 X
$
220,000 X
%3D
2022
$
40,000 X
1.05
2$
42,000 X
2023
IS
60,000 X
1.15
69,000 O $
331,000
12/31/2024
$
372,000 X
1.20
310,000 X Base
220,000 X
2$
220,000 X
2022
IS
40,000 X
1.05
$
42,000 X
2023
50,000 X
1.15
57,500 X
2024
1.20
2$
2$
319,500
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