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Please Fill In Chart! On January 1,2024, a company adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this
Please Fill In Chart!
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 $330,000. An internally generated cost index is used to convert ending inventory to base year. Year-end invertortes at year. end costs and cost indexes for its one inventory pool were as follows: Required: Calculate inventory amounts at the end of each year: Note: Round intermediate colculations and final answers to the nearest whole dollars. \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Date } & \multicolumn{2}{|c|}{\begin{tabular}{c} Inventory Layers Converted to \\ Base Year Cost \end{tabular}} & \multicolumn{3}{|c|}{ Inventory Layers Converted to Cost } & \begin{tabular}{c} Inventory DVI \\ Cost \end{tabular} \\ \hline & \begin{tabular}{l} Inventory at \\ Year-End \\ Cost \end{tabular} & \begin{tabular}{l} Inventory \\ Layers at Base \\ Year Cost \end{tabular} & & \begin{tabular}{l} Inventory \\ Layers at Base \\ Year Cost \end{tabular} & \begin{tabular}{c} Inventory \\ Layers \\ Converted to \\ Cost \end{tabular} & \\ \hline 01/01/2024 & & & Base & & & $ \\ \hline 12/31/2024 & & & Base & & & \\ \hline & & & 2024 & & & $ \\ \hline 12/31/2025 & & & Base & +2 & & \\ \hline 5 & & & 2024 & & & \\ \hline 1 & & & 2025 & + & & \\ \hline 12/31/2026 & & & Base & & & \\ \hline & & + & 2024 & & & 38 \\ \hline & & & 2025 & +2 & & B \\ \hline & & & 2026 & & & $ \\ \hline 12/31/2027 & & & Base & 60% & & \\ \hline & & & 2024 & & & 57 \\ \hline & & & 2025 & & & \\ \hline & & & 2026 & - & & \\ \hline \end{tabular} Step by Step Solution
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