Question: Please I need an urgent and correct solution to the following accounting question. Thank you Mercury Company has only one inventory pool. On December 31,

Please I need an urgent and correct solution to the following accounting question. Thank you
 Please I need an urgent and correct solution to the following
accounting question. Thank you Mercury Company has only one inventory pool. On

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 \$205,000. Inventory data are as follows: Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Date } & \multicolumn{5}{|c|}{ Inventory Layers Converted to Base Year Cost } & \multicolumn{5}{|c|}{ Inventory Layers Converted to Cost } & \multirow[t]{2}{*}{\begin{tabular}{c} Inventory DVL \\ Cost \end{tabular}} \\ \hline & \begin{tabular}{l} Inventory at \\ Year-End Cost \end{tabular} & & \begin{tabular}{l} Year-End \\ Cost \\ Index \end{tabular} & & \begin{tabular}{l} Inventory \\ Layers at Base \\ Year Cost \end{tabular} & & \begin{tabular}{l} Inventory \\ Layers at Base \\ Year Cost \end{tabular} & \begin{tabular}{l} Year-End \\ Cost \\ Index \end{tabular} & = & \begin{tabular}{c} Inventory \\ Layers \\ Converted to \\ Cost \end{tabular} & \\ \hline 12/31/2021 & & - & & = & & Base & & & = & & \\ \hline \multirow[t]{3}{*}{12/31/2022} & & & & = & & Base & & & = & & \\ \hline & & & & & & 2022 & & & = & & \\ \hline & & & & & & & & & & & \\ \hline \multirow[t]{4}{*}{12/31/2023} & & & & * & & Base & & & = & & \\ \hline & & & & & & 2022 & & & = & & \\ \hline & & & & & & 2023 & & & = & & \\ \hline & & & & & & & & & & & \\ \hline \multirow[t]{4}{*}{12/31/2024} & & & & = & & Base & & & = & & \\ \hline & & & & & & 2022 & & & = & & \\ \hline & & & & & & 2023 & & & = & & \\ \hline & & & & & & 2024 & & & = & & \\ \hline \end{tabular}

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!