Mercury Company has only one Inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO Inventory method. The Inventory on that date using the dollar-value LIFO method was $211,000. Inventory deta are as follows: $254,100 336,950 339,600 $242,000 293,000 283,000 2019 2020 2021 Required: Compute the Inventory at December 31, 2019, 2020, and 2021, using the dollar-value LIFO method. (Round "Year end cost Index" to 2 decimal places.) iventory DVL Cont Inventory Layars Comve Cost Inventory Inventory Layors at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Inventory at Year- End Cost Year-End Cost Date Index Cost %24 %3D Base %3D 31/2018 %3D Base $ 254,100 %3D 31/2019 %24 2019 %3D Base /2020 %3D 2019 %24 2020 %3D Base 2021 2019 24 2020
Mercury Company has only one Inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO Inventory method. The Inventory on that date using the dollar-value LIFO method was $211,000. Inventory deta are as follows: $254,100 336,950 339,600 $242,000 293,000 283,000 2019 2020 2021 Required: Compute the Inventory at December 31, 2019, 2020, and 2021, using the dollar-value LIFO method. (Round "Year end cost Index" to 2 decimal places.) iventory DVL Cont Inventory Layars Comve Cost Inventory Inventory Layors at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Inventory at Year- End Cost Year-End Cost Date Index Cost %24 %3D Base %3D 31/2018 %3D Base $ 254,100 %3D 31/2019 %24 2019 %3D Base /2020 %3D 2019 %24 2020 %3D Base 2021 2019 24 2020
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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