On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool.
Question:
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2021 and 2022 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.08 for 2022.
Required:
Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method.
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Date 112021 Ending Inventory at Base Year Cost 660000 100 12312021 690000 104 660...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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