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, 2021, Mercury adopted the dollar-value...

50.1K

Verified Solution

Question

Accounting

image

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 $202,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $ 235, 200 305,900 307,200 Ending Inventory at Base Year Costs $ 224,000 266,000 256,000 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.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost 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 12/31/2021 1 $ $ 0 $ $ 202,000 235,200 202,000 202,000 12/31/2022 (1.05 = 202,000 Base $ 224,000 Base $ 2022 $ $ 22,000 $ 0 12/31/2023 $ 305,900 1.15 = $ 202,000 266,000 Base $ 2022 $ 2023 $ 22,000 42,000 $ 0 12/31/2024 $ 307,200 1.2 $ 256,000 Base $ 2022 $ 2023 202,000 22,000 2024 $ 0

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