Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $780,000.
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $780,000. The 2021 and 2022 ending inventory valued at year-end costs were $819,000 and $901,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.06 for 2022. Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 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 at Date Year-End Year-End Cost Cost Index 01/01/2021 12/31/2021 12/31/2022 = = Inventory Layers Converted to Cost Inventory DVL Cost Inventory Layers at Base Year Inventory Layers at Base Year-End Cost Index Inventory Layers Converted to Year Cost Cost Cost Base $ 0 Base 2021 $ 0 = Base 2021 = 2022 $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started