Question
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pools value on this date was $810,000.
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pools value on this date was $810,000. The 2018 and 2019 ending inventory valued at year-end costs were $845,000 and $924,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.05 for 2019. Required: 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.)
| 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 | = | Base | = | $0 | ||||||||
| 12/31/2018 | = | Base | = | |||||||||
| 2018 | = | $0 | ||||||||||
| 12/31/2019 | = | Base | = | |||||||||
| 2018 | = | |||||||||||
| 2019 | = | $0 | $0 | |||||||||
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Internet Fraud Casebook
Authors: Joseph T. Wells
1st Edition
0470643633, 9780470643631
