Question: On January 1 , 2 0 2 4 , Displays Incorporated had the following account balances: table [ [ Account titles,Debit,Credit ] , [

On January 1,2024, Displays Incorporated had the following account balances:
\table[[Account titles,Debit,Credit],[Cash,$22,000,],[Accounts receivable,19,000,],[Supplies,25,000,],[Inventory,60,000,],[Land,227,000,],[Accounts payable,,$18,000
On January 1,2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $660,000. The 2024 and 2025 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.08 for 2025.
Required:
Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method.
Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.
\table[[Date,Inventory Layers Converted to Base Year Cost,Inventory Layers Converted to Cost,\table[[Inventory],[DVL Cost]]],[\table[[Inventory],[at Year-],[End Cost]],,\table[[Year-End],[Cost],[Index]],,\table[[Inventory],[Layers at],[Base Year],[Cost]],x,\table[[Inventory],[Layers at Base],[Year Cost]],,\table[[Year-End],[Cost],[Index]],=,\table[[Inventory],[Layers],[Converted to],[Cost]],],[01/01/2024,,,1.00,=,x+2x+22,Base,5,x,1.00,=,,$

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!