Question
On January 1, Year 1, a company adopted the dollar-value LIFO method for its one inventory pool. The pools value on this date was $670,000.
On January 1, Year 1, a company adopted the dollar-value LIFO method for its one inventory pool. The pools value on this date was $670,000. The Year 1 and Year 2 ending inventory valued at year-end costs were $714,000 and $795,000, respectively. The appropriate cost indexes are 1.05 for Year 1 and 1.06 for Year 2.
Required:
Complete the below table to calculate the inventory value at the end of Year 1 and Year 2 using the dollar-value LIFO method.
Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.
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