Answered step by step
Verified Expert Solution
Link Copied!

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 $770,000.

image text in transcribed

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 $770,000. The 2021 and 2022 ending inventory valued at year-end costs were $806,000 and $882,000, 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 2021 $ 0 12/31/2022 Base 2021 2022 = $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

13th Edition

1292085053, 9781292085050

More Books

Students also viewed these Accounting questions

Question

Review and interpret the income statement.AppendixLO1

Answered: 1 week ago

Question

leadership attack

Answered: 1 week ago

Question

Describe alternative paid time off policies.

Answered: 1 week ago

Question

Describe customized benefit plans.

Answered: 1 week ago