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
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 $810,000. The 2021 and 2022 ending inventory valued at year-end costs were $845,000 and $924,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.05 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 Layers Converted to Cost Inventor DVL Co Inventory Inventory Inventory at Year-End Oute Year-End Cost Cost Index Layers at Base Year Inventory Layers at Base Year-End Cost Index Year Cost Layers Converted to Cost Cost 01/01/2021 12/31/2021 $ 810,000 Base $ $ 845,000 . NO Base $ 2021 12/31/2022 $ 924,000 " 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