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On January 1, 2021, the Taylor Company adopted the dollar value LIFO method. The inventory value for its one inventory pool on this date
On January 1, 2021, the Taylor Company adopted the dollar value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows Date 12/31/20213 12/31/2022 12/31/2023 Ending Inventory at Year End Costs $436,800 487,200 518,500) Cost Index 1.04 1.12 1.22 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Inventory inventory at Year-End Date Year-End Cost Cost Index Layers at Base Year Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost Cost 01/01/2021 12/31/2021 $ 518,500 Base $ Z Base 2021 S O 12/31/2022 12/31/2023 Base 2021 2022 Base $ 0
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