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 $212,000. Inventory data are as follows: Year Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs 2022 $ 256,200 $ 244,000 2023 340,400 296,000 2024 343,200 286,000 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.)
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 $212,000. Inventory data are as follows: Year Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs 2022 $ 256,200 $ 244,000 2023 340,400 296,000 2024 343,200 286,000 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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9. 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 $212,000. Inventory data are as follows:
| Year | Ending Inventory at Year-End Costs |
Ending Inventory at Base Year Costs |
||||
| 2022 | $ | 256,200 | $ | 244,000 | ||
| 2023 | 340,400 | 296,000 | ||||
| 2024 | 343,200 | 286,000 | ||||
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.)
Transcribed Image Text:Inventory Layers Converted to Base Year Cost
Inventory Layers Converted to Cost
Inventory DVL
Cost
Inventory
Layers
Converted to
Cost
Year-End
Inventory at
Year-End Cost
Year-End
Cost
Index
Inventory
Layers at Base
Year Cost
Inventory
Layers at Base
Year Cost
Date
Cost
Index
12/31/2021
Base
12/31/2022
Base
2022
12/31/2023
Base
2022
2023
12/31/2024
Base
2022
2023
2024
%24
I ||
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