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 $206,000 Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $243,600 319,700 321,600 Ending Inventory at Base Year Costs $232,000 270,000 268,000 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.)

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 $206,000 Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $243,600 319,700 321,600 Ending Inventory at Base Year Costs $232,000 270,000 268,000 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.)

Name: 44.Subject : - Accounting Date12/31/202112/31/202212/31/202312/31/2024
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Description: 44.Subject : - Accounting Date12/31/202112/31/202212/31/202312/31/2024Inventory Layers Converted to Base Year CostYear EndCostIndexInventory atYear-End CostR=InventoryLayers at BaseYear CostBaseBase2022Base20222023Base202220232024Inventory Layers Con

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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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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