Chrome File Edit View History Bookmarks People Window Help イ令5796 E-ET] Tue 1:57:39 AM Nupur Kaur Q。E ● N Netf

Chrome File Edit View History Bookmarks People Window Help イ令5796 E-ET] Tue 1:57:39 AM Nupur Kaur Q。E ● N Netflix 4. x E, Forum: Yo × ) Pinterest × Peoria Emx @ Spinbot.c × . Cengage × : Cengage: x D chapter ε × R Facebook x e Accountir x、 Divyot ← ⓘ ezto.mheducation.com/hm.tpx Apps 。▶ Non Stop Bhangr N Netflix O Learn Kirtan : Deh s...-online books Course: F 17 Planeta-.. Cengage NOWV2 | A...。(1) Old Bollywood s.. Other Bookmarks 10.00 points On January 1, 2016, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pools value on this date was $820,000. The 2016 and 2017 ending inventory valued at year-end costs were $858,000 and $945,000, respectively. The appropriate cost indexes are 1.04 for 2016 and 1.08 for 2017 Required: Complete the below table to calculate the inventory value at the end of 2016 and 2017 using the dollar- value LIFO method. Ending Inventory DVL Cost Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory at Year- End Cost Year-End Cost Index Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost Inventory Date Layers at Base Year Cost 01/01/2016 Base Base 2016 Base 2016 2017 12/31/2016 12/31/2017 39

Chrome File Edit View History Bookmarks People Window Help イ令5796 E-ET] Tue 1:57:39 AM Nupur Kaur Q。E ● N Netflix 4. x E, Forum: Yo × ) Pinterest × Peoria Emx @ Spinbot.c × . Cengage × : Cengage: x D chapter ε × R Facebook x e Accountir x、 Divyot ← ⓘ ezto.mheducation.com/hm.tpx Apps 。▶ Non Stop Bhangr N Netflix O Learn Kirtan : Deh s…-online books Course: F 17 Planeta-.. Cengage NOWV2 | A…。(1) Old Bollywood s.. Other Bookmarks 10.00 points On January 1, 2016, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $820,000. The 2016 and 2017 ending inventory valued at year-end costs were $858,000 and $945,000, respectively. The appropriate cost indexes are 1.04 for 2016 and 1.08 for 2017 Required: Complete the below table to calculate the inventory value at the end of 2016 and 2017 using the dollar- value LIFO method. Ending Inventory DVL Cost Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory at Year- End Cost Year-End Cost Index Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost Inventory Date Layers at Base Year Cost 01/01/2016 Base Base 2016 Base 2016 2017 12/31/2016 12/31/2017 39

Expert Answer

 

Inventory Layer converted to base year Cost Inventory Layer converted to Cost
Inventory at year end cost Year end cost index Inventory Layer at base year cost Increase / (decrease) Year Inventory Layers Year end cost index Inventory layers at added year cost Ending Inventory DLV Cost
01.01.2016        820,000 1/1          820,000 Base layer           82,000                 1       82,000 82000
31.12.2016        858,000 1/1.04          825,000         5,000 Base layer 820000                 1     820,000 825,200
2016 5000 1.04          5,200
31.12.2017 945000 1/1.08          875,000       50,000 Base layer 820000                 1     820,000 879,200
2016 5000 1.04          5,200
2017 50000 1.08       54,000
Inventory Layer converted to base year Cost Inventory Layer converted to Cost
Inventory at year end cost Year end cost index Inventory Layer at base year cost Increase / (decrease) Year Inventory Layers Year end cost index Inventory layers at added year cost Ending Inventory DLV Cost
31.12.2016        216,000 1/1          216,000 Base layer        216,000                 1     216,000 82000
31.12.2017        264,600 1.05          252,000       36,000 Base layer 216000                 1     216,000 253,800
2017 36000 1.05       37,800
31.12.2018 354200 1.15          308,000       56,000 Base layer        216,000                 1     216,000 318,200
2017           36,000 1.05       37,800
218           56,000 1.15       64,400
31-12-2019 357600 1.2          298,000      -10,000 Base layer        216,000                 1     216,000 306,700
2017           36,000 1.05       37,800
218           46,000 1.15       52,900
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