Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2021, the haskins company adopted th

On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one...

50.1K

Verified Solution

Question

Accounting

image
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $780,000. The 2021 and 2022 ending inventory valued at year-end costs were $819,000 and $901,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.06 for 2022, Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.) Inventory Layers Converted to Baso Year Cost Inventory Layers Converted fo Cost Inventory DVL. Cost Date Inventory at Year-End Cast Year-End Cost Index Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers at Base Year Cost $ 780,000 $ 851,760 Inventory Layers Converted to Cost 01/01/2021 12/31/2021 $ $ 780,000 819,000 * 51.00 1.04 Base 780001 Base 2021 $ 901,000 $ = 12/31/2022 1.06 x 955,060 Base 2021 2022

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

Medical Sciences
1.2K views

why is visceral pain sometimes experienced as somatic pain? Pretend you are trying to explain this...

Psychology
1.2K views

Psychologist Carol Gilligan, in her book In a Different Voice, argues that women tend to define...

Basic Math
1.2K views

Manufacturer           A   B   C   D 25   23   25   27 23   21   25   26 21   23   25   27 23   24  ...

Statistics
1.2K views

About 8 of the population has a particular genetic mutation 200 people are randomly selected...

Calculus
1.2K views

3 Differentiate each of the following Do not simplify a f x x cos 3x...

Algebra
1.2K views

Use row operations on an augmented matrix to solve the given system of linear equations...

Algebra
1.2K views

Use the graph of the function f to solve the inequality a f x 0...

Accounting
1.2K views

Instructions: Prepare a statement of cash flows for the year ended December 31, 2017,...

Accounting
1.2K views

Explain how estimates of service costs help managers to manage resources and create values.

Accounting
1.2K views

Bertie Corporation has two divisions: Retail Division and Wholesale Division. The following data are for...

Accounting
1.2K views

. In the Excel file Weddings, determine the correlation between the wedding costs and attendance...

Accounting
1.2K views

complete all 7 parts Save Homework: M 7 Homework Part 1 of 7...