Question
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 $440,000.
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 $440,000. Inventory data for 2021 through 2023 are as follows:
| Date | Ending Inventory at Year-End Costs | Cost Index | |||
| 12/31/2021 | $ | 483,000 | 1.05 | ||
| 12/31/2022 | 536,750 | 1.13 | |||
| 12/31/2023 | 553,350 | 1.19 | |||
Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
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Accounting Theory
Authors: Ahmed Raihi-Belkaoui
5th Edition
1844800296, 978-1844800292
