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 $810,000. The 2024 and 2025 ending inventory valued at year-end costs were $845,000 and $924,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.05 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 at Date Year-End Cost Year-End Inventory Layers at Inventory Inventory Cost Base Year Layers at Base Year-End Cost Index Layers Converted to Index Year Cost Cost Cost 01/01/2024 12/31/2024 Base Base 2024 12/31/2025 Base 2024 2025 Inventory DVL Cost
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 $810,000. The 2024 and 2025 ending inventory valued at year-end costs were $845,000 and $924,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.05 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 at Date Year-End Cost Year-End Inventory Layers at Inventory Inventory Cost Base Year Layers at Base Year-End Cost Index Layers Converted to Index Year Cost Cost Cost 01/01/2024 12/31/2024 Base Base 2024 12/31/2025 Base 2024 2025 Inventory DVL Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
$810,000. The 2024 and 2025 ending inventory valued at year-end costs were $845,000 and $924,000, respectively. The
appropriate cost indexes are 1.04 for 2024 and 1.05 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 at
Date
Year-End
Cost
Year-End
Inventory
Layers at
Inventory
Inventory
Cost
Base Year
Layers at Base
Year-End
Cost Index
Layers
Converted to
Index
Year Cost
Cost
Cost
01/01/2024
12/31/2024
Base
Base
2024
12/31/2025
Base
2024
2025
Inventory
DVL Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feecaa2c2-3287-40d8-9043-81bab0974163%2F55c59934-c5f0-4441-90e7-7840b1f837e3%2Fihe2ioa_processed.png&w=3840&q=75)
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
$810,000. The 2024 and 2025 ending inventory valued at year-end costs were $845,000 and $924,000, respectively. The
appropriate cost indexes are 1.04 for 2024 and 1.05 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 at
Date
Year-End
Cost
Year-End
Inventory
Layers at
Inventory
Inventory
Cost
Base Year
Layers at Base
Year-End
Cost Index
Layers
Converted to
Index
Year Cost
Cost
Cost
01/01/2024
12/31/2024
Base
Base
2024
12/31/2025
Base
2024
2025
Inventory
DVL Cost
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