XVM Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. XVM uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. B (Click the icon to view the data.) The cumulative price indices for 2022, 2023, and 2024, respectively are 1.00, 1.042, and 1.0971. Read the requirements CE Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price index amounts to four decimal places as given in the information, X.XXXX. Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation amount.) Year 2022 2023 2024 2022 layer 2023 layer 2024 layer liquidation - 2023 layer 2024 layer liquidation - 2022 layer Ending inventory under dollar-value LIFO - Requirement b. Prepare the journal entry required to adjust the LIFO reserve for each year. (Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) , Begin with the adjusting entry for 2023. Data Table Account 2023 Year-end x Description Base Year: 2022 2023 2024 Total FIFO Total FIFO Cost Cost Inventory Flame 410,000 Total FIFO Units Cost 8,000 $ 664,000 8,000 594,000 2,000 820,000 Units 9,000 $ 2,000 7,000 Prepare the adjusting entry for 2024. 490,000 650,000 400,000 Units 2,000 $ 10,000 9,000 Globe 380,000 Account 2024 Year-end HD3 205,000 Print Done 1 XVM Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. XVM uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. B (Click the icon to view the data.) The cumulative price indices for 2022, 2023, and 2024, respectively are 1.00, 1.042, and 1.0971. Read the requirements CE Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price index amounts to four decimal places as given in the information, X.XXXX. Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation amount.) Year 2022 2023 2024 2022 layer 2023 layer 2024 layer liquidation - 2023 layer 2024 layer liquidation - 2022 layer Ending inventory under dollar-value LIFO - Requirement b. Prepare the journal entry required to adjust the LIFO reserve for each year. (Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) , Begin with the adjusting entry for 2023. Data Table Account 2023 Year-end x Description Base Year: 2022 2023 2024 Total FIFO Total FIFO Cost Cost Inventory Flame 410,000 Total FIFO Units Cost 8,000 $ 664,000 8,000 594,000 2,000 820,000 Units 9,000 $ 2,000 7,000 Prepare the adjusting entry for 2024. 490,000 650,000 400,000 Units 2,000 $ 10,000 9,000 Globe 380,000 Account 2024 Year-end HD3 205,000 Print Done 1
