Question
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pools value on this date was $860,000.
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pools value on this date was $860,000. The 2021 and 2022 ending inventory valued at year-end costs were $897,000 and $966,000, 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 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 = Base $ 0 01/01/2021 12/31/2021 = Base II 2021 $ 0 12/31/2022 Base 2021 = 2022 $ 0Step 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