Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2021. avondale lumber adopted the do

On January 1, 2021. Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value...

80.2K

Verified Solution

Question

Accounting

imageimage

On January 1, 2021. Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $340,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: erit fear-end inventories Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $434, 700 446, 900 502, 700 541, 835 Cost Index (Relative to Base Year) 1.05 1.09 1.10 1.13 Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.) Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.) 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 01/01/2021 12/31/2021 12/31/2022 $ 0 12/31/2023 Base Base 2021 Base 2021 2022 Base 2021 2022 2023 Base 2021 2022 2023 2024 12/31/2024 $ 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