Question
At the beginning of 2021, 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 2021, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $75,000. 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 2021 through 2024. (Round cost index to 2 decimal places.) At the beginning of 2021, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $75,000. 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 2021 through 2024. (Round cost index to 2 decimal places.)
Ending Inventory at Ending Inventory at Year Ended Inventory at December 31 Year-End costs Base-Year Costs Cost Index DVL cost 85,000 2021 2022 $ $ 88,400 $ 118,650 128,520 $ 1.04 1.13 2023 $ 108,000 2024 1.25 $ 114,695
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