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 DVL Cost Inventory at Date Year-End 01/01/2024 12/31/2024 12/31/2025 Cost Inventory Inventory Year-End Cost Layers at Base Year Inventory Layers at Base Year-End Cost Index Index Year Cost Cost Layers Converted to Cost Base Base 2024 Base 2024 2025 M
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 DVL Cost Inventory at Date Year-End 01/01/2024 12/31/2024 12/31/2025 Cost Inventory Inventory Year-End Cost Layers at Base Year Inventory Layers at Base Year-End Cost Index Index Year Cost Cost Layers Converted to Cost Base Base 2024 Base 2024 2025 M
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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