13. On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventory at Year-End Costs Cost Index 12/31/2021 $ 436,800 1.04 12/31/2022 487,200 1.12 12/31/2023 518,500 1.22 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
13. On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventory at Year-End Costs Cost Index 12/31/2021 $ 436,800 1.04 12/31/2022 487,200 1.12 12/31/2023 518,500 1.22 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 6E: Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are as follows:...
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13.
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows:
| Date | Ending Inventory at Year-End Costs |
Cost Index | |||
| 12/31/2021 | $ | 436,800 | 1.04 | ||
| 12/31/2022 | 487,200 | 1.12 | |||
| 12/31/2023 | 518,500 | 1.22 | |||
Required:
Calculate Taylor's ending inventory for 2021, 2022, and 2023.
Transcribed Image Text:Calculate Taylor's ending inventory for 2021, 2022, and 2023.
Inventory Layers Converted to Cost
Inventory DVL
Cost
Inventory Layers Converted to Base Year Cost
Inventory
Layers at
Base Year
Cost
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Converted to
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Year-End
Year-End
Cost
Index
Inventory
Layers at Base
Year Cost
Year-End
Cost
Index
Date
Cost
Cost
01/01/2021
12/31/2021
Base
Base
2021
12/31/2022
Base
=
2021
2022
12/31/2023
Base
2021
2022
2023
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