Help

Save & Exit

Submit

Exercise $8-26($Algo$)$ Dollar$-$value LIFO $[$LO$8-8]$

On January $1,2024,$ a Company adopted the dollar$-$value LIFO method for its one inventory pool. The pool's value on this date was $$730,000.$ The $2024$ and $2025$ ending inventory valued at year$-$end costs were $$767,000$ and $$810,000,$ respectively. The appropriate cost indexes are $1\mathrm{.}04$ for $2024$ and $1\mathrm{.}08$ for $2025.$

Required:

Complete the below table to calculate the inventory value at the end of $2024$ and $2025$ 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.

$\backslash$table$[[$Date$,$Inventory Layers Converted to Base Year Cost,Inventory Layers Converted to Cost,$\backslash$table$[[$Inventory$],[$DVL Cost$]]],[\backslash$table$[[$Inventory at$],[$Year$-$End$],[$Cost$]],\backslash$table$[[$Year$-$End$],[$Cost$],[$Index$]],,\backslash$table$[[$Inventory$],[$Layers at$],[$Base Year$],[$Cost$]],$&$,\backslash$table$[[$Inventory$],[$Layers at Base$],[$Year Cost$]],\backslash$table$[[$Year$-$End$],[$Cost Index$]],=,\backslash$table$[[$Inventory$],[$Layers$],[$Converted to$],[$Cost$]],],[01/01/2024,,,=,,$Base,,,$=,,$$