Question
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 $670,000. The 2021 and 2022 ending inventory valued at year-end costs were $714,000 and $795,000, respectively. The appropriate cost indexes are 1.05 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 Layers Converted to Cost Inventory Inventory at Date Year-End Year-End Cost Layers at Inventory Layers at Base Base Year Year-End Cost Index Inventory Layers Converted to Cost Index Year Cost Cost Cost 01/01/2021 12/31/2021 II = Base = = Base = 2021 12/31/2022 = Base = 2021 = Inventory DVL Cost 0 0 2022 = $ 0
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