Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $219,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year Ending Inventory at Base End Costs $ 270,900 364,550 368,400 Year Costs $ 258,000 317,000 307,000 Required: Compute the inventory at December 31, 2025, 2026, and 2027, using the dollar-value LIFO method.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. The
inventory on that date using the dollar-value LIFO method was $219,000. Inventory data are as follows:
Year
2025
2026
2027
Ending Inventory at Year-Ending Inventory at Base
End Costs
Date
12/31/2024
12/31/2025
Required:
Compute the inventory at December 31, 2025, 2026, and 2027, using the dollar-value LIFO method.
Note: Round "Year end cost index" to 2 decimal places.
12/31/2026
$ 270,900
364,550
368,400
12/31/2027
Year Costs
$ 258,000
317,000
307,000
Inventory at
Year-End Cost
Inventory Layers Converted to Base Year Cost
Ending
Inventory at
Base Year
Cost
Year-End
Cost
Index
=
=
=
=
Base
Base
2025
Base
2025
2026
Base
2025
2026
2027
Inventory Layers Converted to Cost
Ending
Inventory at
Base Year
Cost
Year-End
Cost =
Index
=
=
=
=
=
=
=
=
Inventory
Layers
Converted to
Cost
Inventory DVL
Cost
Transcribed Image Text:Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $219,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year-Ending Inventory at Base End Costs Date 12/31/2024 12/31/2025 Required: Compute the inventory at December 31, 2025, 2026, and 2027, using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. 12/31/2026 $ 270,900 364,550 368,400 12/31/2027 Year Costs $ 258,000 317,000 307,000 Inventory at Year-End Cost Inventory Layers Converted to Base Year Cost Ending Inventory at Base Year Cost Year-End Cost Index = = = = Base Base 2025 Base 2025 2026 Base 2025 2026 2027 Inventory Layers Converted to Cost Ending Inventory at Base Year Cost Year-End Cost = Index = = = = = = = = Inventory Layers Converted to Cost Inventory DVL Cost
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