On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2021 and 2022 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.08 for 2022. Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year-end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.)
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2021 and 2022 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.08 for 2022. Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year-end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2021 and 2022 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.08 for 2022.
Required:
Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year-end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.)
Transcribed Image Text:Inventory Layers Converted to Base Year Cost
Inventory Layers Converted to Cost
Inventory
DVL Cost
Inventory
Layers at
Base Year
Inventory
Layers
Converted to
Year-End
Inventory
at Year-
End Cost
Inventory
Layers at Base
Year Cost
Year-End
Cost
Index
Date
Cost
Index
Cost
Cost
01/01/2021
Base
12/31/2021
Base
2021
12/31/2022
Base
2021
2022
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