Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO...
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Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $210,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $252,000 333,500 336, 000 Ending Inventory at Base Year Costs $240,000 290, 000 280, 000 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.) Inventory Layers Converted to Cost Inventory DVL Cost Inventory Layers Converted to Base Year Cost Year- Inventory Layers at Base Year Inventory Layers at Base Year Cost Year- Inventory Layers Converted to Cost Inventory at Year-End Cost End Cost Index End Cost Index Date Cost 12/31/2021 Base 12/31/2022 Base = 2022 12/31/2023 Base = 2022 2023 = 12/31/2024 Base 2022 = 2023 2024 Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $210,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $252,000 333,500 336, 000 Ending Inventory at Base Year Costs $240,000 290, 000 280, 000 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.) Inventory Layers Converted to Cost Inventory DVL Cost Inventory Layers Converted to Base Year Cost Year- Inventory Layers at Base Year Inventory Layers at Base Year Cost Year- Inventory Layers Converted to Cost Inventory at Year-End Cost End Cost Index End Cost Index Date Cost 12/31/2021 Base 12/31/2022 Base = 2022 12/31/2023 Base = 2022 2023 = 12/31/2024 Base 2022 = 2023 2024
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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