Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Have asked this same question on here 3x. I will not mark the answer unless it is correct. Please put the correct answer w/ corrections.

Have asked this same question on here 3x. I will not mark the answer unless it is correct. Please put the correct answer w/ corrections.

image text in transcribed

Mercury Company has only one inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $214,000. Inventory data are as follows Ending Inventory at Year-End Costs Year 2019 2020 2021 Ending Inventory at Base Year Costs $ 248 , 088 392 , 00 292,000 $260,40 347, 300 35e,400 Required: Compute the inventory at December 31, 2019, 2020, and 2021, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.) Answer is not complete. Ending Inventory DVL Cost Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory at Year- End Cost Year- End Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year- End Cost Index Inventory Layers Converted to Cost Date 12/31/20 18 |$ 214,000 1.00|= |$ 214,000! Base 214,000Base 2019 12/31/2020 347,3005 35,700Base 2019 2020 Base 2019 2020 - $ 214,000$214,000 1.00 1.00 1.05 1.00 12/31/2019 260.4001.05 0 214,000 35,700 x > | 1.05 > |= |$ 1.15 $ 249,700 350,400 x | 0|- |$ 214,000 12/31/2021 1.20 1.00 1.0535,700 1.15 - $ 52,800 $302,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

After The Quality Audit Closing The Loop On The Audit Process

Authors: J. P. Russell, Terry Regel

2nd Edition

0873894863, 978-0873894869

More Books

Students also viewed these Accounting questions