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

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Description: 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. Theapprop

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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