Question: Problem 1 Patrick Corp began 2021 with $80,000 in inventory. The decided to adopt DVL at the end of 2020 (beginning of 2021) when the

Problem 1 Patrick Corp began 2021 with $80,000 in inventory. The decided to adopt DVL at the end of 2020 (beginning of 2021) when the cost index for their industry was 1.00. The following data pertains to subsequent years Ending Inventory at Base Year Cost Ending Inventory at Year End Cost 102,600 215,000 320,000 380,000 Cost Index 1.35 1.20 Year 2021 2022 2023 2024 Required 213,000 Required: Determine the values that should be assigned to ending inventory for years 2021, 2022, 2023 and 2024 Problem 2

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