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7-52 Chapter 7 Inventories: Cost Measurement and Flow Assumptions P7-13 Dollar-Value LIFO Kwestel Company adopted the dollar-value LIF0 method for inventory valuation at the be- ginning of 2015. The following information about the inventory at the end of cach year is available from Kwestel's LO 7.7 records: Year Current Cost Index 2014 2015 2$ $ 8,000 100 10,800 11,500 14,000 10,500 120 130 145 2016 2017 2018 125 Required: Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.

7-52 Chapter 7 Inventories: Cost Measurement and Flow Assumptions P7-13 Dollar-Value LIFO Kwestel Company adopted the dollar-value LIF0 method for inventory valuation at the be- ginning of 2015. The following information about the inventory at the end of cach year is available from Kwestel's LO 7.7 records: Year Current Cost Index 2014 2015 2$ $ 8,000 100 10,800 11,500 14,000 10,500 120 130 145 2016 2017 2018 125 Required: Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 7.8BPE
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Attached is the numbers and spreadsheet for where the numbers are placed . Please help!
7-52 Chapter 7 Inventories: Cost Measurement and Flow Assumptions P7-13 Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at the be- ginning of 2015. The following information about the inventory at the end of cach year is available from Kwestel's records: LO 7.7 Year Current Cost Index $ 8,000 10,800 11,500 14,000 10,500 2014 100 120 2015 2016 130 145 2017 2018 125 Required: Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.
Transcribed Image Text:7-52 Chapter 7 Inventories: Cost Measurement and Flow Assumptions P7-13 Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at the be- ginning of 2015. The following information about the inventory at the end of cach year is available from Kwestel's records: LO 7.7 Year Current Cost Index $ 8,000 10,800 11,500 14,000 10,500 2014 100 120 2015 2016 130 145 2017 2018 125 Required: Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.
Copy of ET_PO7-13_Wahlen_Inter... P7-13 P7-13 Name: 1. Complete the schedule below by filling in the shaded cells. An asterisk (*) will appear before an incorrect amounts in the specific cells. Round your answers to nearest whole dollar. Base Year Cost Index Current Increase Relevant Increase Inventory at (Decrease) Cost Index (Decrease) Ending Ending Inventory at Current Costs Base-Year at Base-Year Base-Year at Relevant Inventory Layers in LIFO Date Cost Index Costs Costs Cost Index |= Current Costs at LIFO Ending Inventory X
Transcribed Image Text:Copy of ET_PO7-13_Wahlen_Inter... P7-13 P7-13 Name: 1. Complete the schedule below by filling in the shaded cells. An asterisk (*) will appear before an incorrect amounts in the specific cells. Round your answers to nearest whole dollar. Base Year Cost Index Current Increase Relevant Increase Inventory at (Decrease) Cost Index (Decrease) Ending Ending Inventory at Current Costs Base-Year at Base-Year Base-Year at Relevant Inventory Layers in LIFO Date Cost Index Costs Costs Cost Index |= Current Costs at LIFO Ending Inventory X
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