Stores Limited adopted the dollar - value LIFO inventory method using...

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Accounting

Stores Limited adopted the
dollar
-
value LIFO inventory method using
2
0
2
1
as the base year. The cumulative price index for
2
0
2
2
through
2
0
2
5
was
1
.
0
2
,
1
.
0
4
,
1
.
0
5
and
1
.
0
6
,
respectively. Ending inventory according to Rita
'
s Toy
Stores' trial
balance, using
FIFO, is presented in the following
table: Year Ending Inventory per the Trial Balance
2
0
2
1
$
8
3
0
,
0
0
0
2
0
2
2
9
4
0
,
0
0
0
2
0
2
3
1
,
3
8
0
,
0
0
0
2
0
2
4
1
,
2
2
0
,
0
0
0
2
0
2
5
1
,
3
1
0
,
0
0
0
Requirement a
.
Compute stores ending inventory under the
dollar
-
value LIFO method for the years
2
0
2
1
through
2
0
2
5
.
(
Use price index amounts to two decimal
places, X
.
XX
.
Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole
dollar.
)
Year
2
0
2
1
2
0
2
2
2
0
2
3
2
0
2
4
2
0
2
5
2
0
2
1
layer
2
0
2
2
layer
2
0
2
3
layer
2
0
2
4
layer
2
0
2
5
layer Ending inventory under dollar
-
value LIFO Part
2
Requirement b
.
Prepare the journal entries for
2
0
2
2
through
2
0
2
5
to adjust inventory to the
dollar
-
value LIFO basis.
(
Record debits
first, then credits. Exclude explanations from any journal entries. Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole
dollar.
)
Begin with the adjusting entry for
2
0
2
2
.
Account
2
0
2
2
Year
-
end Part
3
Prepare the adjusting entry for
2
0
2
3
.
Account
2
0
2
3
Year
-
end Part
4
Prepare the adjusting entry for
2
0
2
4
.
Account
2
0
2
4
Year
-
end Part
5
Prepare the adjusting entry for
2
0
2
5
.
Account
2
0
2
5
Year
-
end Part
6
Requirement c
.
Determine the ending balance of the LIFO reserve for
2
0
2
2
through
2
0
2
5
.
(
Enter a
"
0
"
for any zero balance of the LIFO
reserve.
)
LIFO Reserve \table[[Year,2021,2022,2023,2024,2025],[2021 layer,,,,,],[2022 layer,,,,,],[2023 layer,,,,,],[2024 layer,,,,,],[2025 layer,,,,,],[Ending inventory under dollar-value LIFO,,,,,]] where should i plug the figures into>
image

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