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Prompt that the answer is incomplete, please help me complete it, thank you On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method.
Prompt that the answer is incomplete, please help me complete it, thank you
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 $430,000. Inventory data for 2021 through 2023 are as follows: Date 12/31/2021 12/31/2022 12/31/2023 Ending Inventory at Year-End Costs $ 477,000 520,800 536,900 Cost Index 1.06 1.12 1.18 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023. Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023. Date = Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Inventory at Year-End Inventory Inventory Year-End Inventory Layers at Year-End Layers Cost Layers at Base Cost Base Year Cost Index Index Year Cost Converted to Cost Cost $ 430,000 1.00 $ 430,000 Base $ 430,000 1.00 $ 430,000 $ 430,000 $ 477,000 1.06 $ 450,000 Base $ 430,000 1.00 $ 430,000 2021 $ 20,000 1.06 $ 21,200 $ 451,200 = 01/01/2021 12/31/2021 = = 11 $ 11 12/31/2022 $ 520,800 1.12 11 $ 465,000 Base $ 2021 $ 2022 $ 430,000 20,000 15,000 1.00 1.06 11.12 $ $ $ 430,000 21,200 16,800 $ 468,000 12/31/2023 $ 536,900 1.18 11 $ $ 455,000 Base $ 2021 $ 2022 $ 2023 III 430,000 20,000 5,000 1.00 1.06 1.18 $ $ 430,000 21,200 5,900 11 11 $ 457.100Step by Step Solution
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