Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1 , 2 0 1 8 , the Haskins Company adopted the dollar - Value LIFO method for Its one Inventory pool. The

image text in transcribed
On January 1,2018, the Haskins Company adopted the dollar-Value LIFO method for Its one Inventory pool. The pool's value on this date was $680,000. The 2018 and 2019 ending Inventory valued at year-end costs were $715,000 and $783,000, respectively. The appropriate cost Indexes are 1.04 for 2018 and 1.08 for 2019.
Requlred:
Complete the below table to calculate the Inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round "Year end cost Index" to 2 decimal places. Round other final answer values to the nearest whole dollars.)
\table[[Date,Inventory Layers Converted to Base Year Cost,Inventory Layers Converted to Cost,\table[[Ending],[Inventor],[DVLCos]]],[\table[[Inventory],[at Year-],[End Cost]],\table[[Year-End],[Cost],[Index]],,,\table[[entory],[ers at],[e Year],[Cost]],,\table[[Inventory],[Layers at Base],[Year Cost]],\table[[Year-End],[Cost],[Index]],=,\table[[Inventory],[Layers],[Converted to],[Cost]]],[0101?2018,$715,000,1.04,=,,688.461,Base,,,=,,$
image text in transcribed

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

Managerial Accounting

Authors: Charles E. Davis, Elizabeth Davis

4th Edition

1119577667, 978-1119577669

More Books

Students also viewed these Accounting questions

Question

7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago