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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 $790,000.
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 $790,000. The 2018 and 2019 ending inventory valued at year-end costs were $832,000 and $918,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.08 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 Year-End Cost Index Inventory at Year End Cost $ 790,000 $ 832,000 Year- End Cost Index Inventory Layers Converted to Cost 01/01/2018 1.00 = $ 0 Inventory Layers at Inventory Layers at Base Base Year Year Cost Cost $ 790,000 Base $ 800,000 Base 2018 $ 850,000 Base 2018 12/31/2018 + 1.04 $ 0 12/31/2019 $ 918,000 1.08 2019 $ 0
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