Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mercury company has only one inventory pool. on de

Mercury Company has only one inventory pool. On December 31, 2018, Mercury adopted the dollar-value...

90.2K

Verified Solution

Question

Accounting

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 $218,000. Inventory data are as follows:

Year Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs
2019 $ 268,800 $ 256,000
2020 361,100 314,000
2021 364,800 304,000

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.)

Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Ending Inventory DVL Cost
Date Inventory at Year-End Cost Year-End Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index = Inventory Layers Converted to Cost
12/31/2018 = Base =
12/31/2019 = Base =
2019 =
12/31/2020 = Base =
2019 =
2020 =
12/31/2021 = Base =
2019 =
2020 =

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students