On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $660,000. The 2024 and 2025 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.08 for 2025. Required: Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was
$660,000. The 2024 and 2025 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The
appropriate cost indexes are 1.04 for 2024 and 1.08 for 2025.
Required:
Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method.
Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.
Date
01/01/2024
12/31/2024
12/31/2025
Inventory Layers Converted to Base Year Cost
Inventory
at Year-
End Cost
Year-End
Cost
Index
=
=
=
Inventory
Layers at
Base Year
Cost
Base
Base
2024
Base
2024
2025
Inventory Layers Converted to Cost
Inventory
Layers at Base
Year Cost
Year-End
Cost
Index
=
=
=
=
=
=
Inventory
Layers
Converted to
Cost
Inventory
DVL Cost
Transcribed Image Text:On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $660,000. The 2024 and 2025 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.08 for 2025. Required: Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars. Date 01/01/2024 12/31/2024 12/31/2025 Inventory Layers Converted to Base Year Cost Inventory at Year- End Cost Year-End Cost Index = = = Inventory Layers at Base Year Cost Base Base 2024 Base 2024 2025 Inventory Layers Converted to Cost Inventory Layers at Base Year Cost Year-End Cost Index = = = = = = Inventory Layers Converted to Cost Inventory DVL Cost
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