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Posted on Jul 20, 2024

Problem 8-15 (Algo) Dollar-value LIFO (LO8-8] On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory

Problem 8-15 (Algo) Dollar-value LIFO (LO8-8] On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $275,000. 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: Cost Index Relative to Base Year) Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $364,350 374,960 424,500 454,260 1.09 1.10 Required: Calculate inventory amounts at the end of each year, (Round intermediate calculations and final answers to the nearest whole dollars.) Inventory Layers Converted to Base Year Cost inventory Layers Converted to Cost Inventory DVL Cost Date Inventory at Year-End Year-End Cost Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost 101/01/2021 12/31/2021 Base Base 2021 - 12/31/2022 Base 20211 Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Date Inventory at Year-End Year-End Cost Cost Index Inventory Layers at Base Year Cost Inventory Year-End Layers at Base Cost Year Cost Index = Inventory Layers Converted to Cost $ 01/01/2021 12/31/2021 Base Base 2021 $ 12/31/2022 Base 2021 2022 nces $ 12/31/2023 = = Base 2021 20221 2023 = S 12/31/2024 = 1 = = 1 Base 2021 2022 2023 2024 $ 432,861 Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Inventory Date Inventory at Year-End Year-End Cost Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index - Layers Converted to Cost 01/01/2021 12/31/2021 Base Base 2021 $ 0 1.00 1.05 12/31/2022 1.09 Base 2021 20221 ces 1.10 1.13 $ 0 12/31/2023 Basel 2021 20221 20231 12/312024 Base 2021 2022 2023 2024 $ 432.861 Check collars.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost pints Date Inventory at Year-End Year-End Cost Cost Index Inventory Layers at Base Year Cost Inventory Lavers at Base Year Cost Year-End Cost Index Inventory Layers converted to Cost Skipped 01/01/2021 12/31/2021 Base Base 2021 1.00 $ eBook 12/31/2022 Print Base 2021 2022 References 12/31/2023 Base 2021 2022 2023 - $ 12/31/2024 - Base 2021 20221 2023 2024 S 432,861 Problem 8-15 (Algo) Dollar-value LIFO (LO8-8] On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $275,000. 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: Cost Index Relative to Base Year) Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $364,350 374,960 424,500 454,260 1.09 1.10 Required: Calculate inventory amounts at the end of each year, (Round intermediate calculations and final answers to the nearest whole dollars.) Inventory Layers Converted to Base Year Cost inventory Layers Converted to Cost Inventory DVL Cost Date Inventory at Year-End Year-End Cost Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost 101/01/2021 12/31/2021 Base Base 2021 - 12/31/2022 Base 20211 Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Date Inventory at Year-End Year-End Cost Cost Index Inventory Layers at Base Year Cost Inventory Year-End Layers at Base Cost Year Cost Index = Inventory Layers Converted to Cost $ 01/01/2021 12/31/2021 Base Base 2021 $ 12/31/2022 Base 2021 2022 nces $ 12/31/2023 = = Base 2021 20221 2023 = S 12/31/2024 = 1 = = 1 Base 2021 2022 2023 2024 $ 432,861 Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Inventory Date Inventory at Year-End Year-End Cost Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index - Layers Converted to Cost 01/01/2021 12/31/2021 Base Base 2021 $ 0 1.00 1.05 12/31/2022 1.09 Base 2021 20221 ces 1.10 1.13 $ 0 12/31/2023 Basel 2021 20221 20231 12/312024 Base 2021 2022 2023 2024 $ 432.861 Check collars.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost pints Date Inventory at Year-End Year-End Cost Cost Index Inventory Layers at Base Year Cost Inventory Lavers at Base Year Cost Year-End Cost Index Inventory Layers converted to Cost Skipped 01/01/2021 12/31/2021 Base Base 2021 1.00 $ eBook 12/31/2022 Print Base 2021 2022 References 12/31/2023 Base 2021 2022 2023 - $ 12/31/2024 - Base 2021 20221 2023 2024 S 432,861