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On January 1, 2024, a company adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $295,000.
On January 1, 2024, a company adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $295,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:
Year Ended December 31 | Inventory Year-End Costs | Cost Index (Relative to Base Year) |
---|---|---|
2024 | $ 382,130 | 1.03 |
2025 | 393,760 | 1.07 |
2026 | 447,120 | 1.08 |
2027 | 479,520 | 1.11 |
Required:
Calculate inventory amounts at the end of each year.
Note: Round intermediate calculations and final answers to the nearest whole dollars.
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