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At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory
At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $94,000. The company uses an internally generated cost index to convert ending inventory to base year. Required: Determine the missing amounts in the inventory data for 2018 through 2021. Ending Ending Year Ended Inventory at Inventory at December 31 Year-End costs Base-Year Costs Cost Index 2018 $ 111,300 $ 106,000 1.05 2019 $ 152,760 $ 134,000 1.14 2020 168,720 $ 140,600 1.20 2021 1.25 Ending Inventory at DVL cost $ 118,600 $ 150,690 On January 1, 2018, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $305,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2018 2019 2020 2021 Inventory Year-End Costs $ 390,660 402,800 457,960 491,700 Cost Index (Relative to Base Year) 1.02 1.06 1.07 1.10 Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Ending Inventory DVL Cost Date Inventory at Year- End Cost Year-End Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost 01/01/2018 12/31/2018 $ 12/31/2019 12/31/2020 2020 Base Base 2018 Base 2018 Base 2018 2020 Base 2018 2020 2021 12/31/2021
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