On January 1, Year 1, a company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $670,000. The Year 1 and Year 2 ending inventory valued at year-end costs were $714,000 and $795,000, respectively. The appropriate cost indexes are 1.05 for Year 1 and 1.06 for Year 2. Required: Complete the below table to calculate the inventory value at the end of Year 1 and Year 2 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 1/1/Year 1 12/31/Year 1 12/31/Year 2 Inventory Layers Converted to Base Year Cost Inventory at Year-End Cost Year-End Cost Index = Inventory Layers at Base Year Cost Base Base Year 1 Base Inventory Layers Converted to Cost Inventory Layers at Base Year Cost Year-End Cost Index = Inventory Layers Converted to Cost Inventory DVL Cost $ $ 0

On January 1, Year 1, a company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $670,000. The Year 1 and Year 2 ending inventory valued at year-end costs were $714,000 and $795,000, respectively. The appropriate cost indexes are 1.05 for Year 1 and 1.06 for Year 2. Required: Complete the below table to calculate the inventory value at the end of Year 1 and Year 2 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 1/1/Year 1 12/31/Year 1 12/31/Year 2 Inventory Layers Converted to Base Year Cost Inventory at Year-End Cost Year-End Cost Index = Inventory Layers at Base Year Cost Base Base Year 1 Base Inventory Layers Converted to Cost Inventory Layers at Base Year Cost Year-End Cost Index = Inventory Layers Converted to Cost Inventory DVL Cost $ $ 0

Name: Qq.46.Subject :- Account On January 1, Year 1, a company adopted the d
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Qq.46.Subject :- Account On January 1, Year 1, a company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $670,000. The Year 1 and Year 2 ending inventory valued at year-end costs were $714,000 and $7

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks