Mercury Company has only one inventory pool. On December 31, 2018, Mercury adopted the dollar-value...
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Accounting
Mercury Company has only one inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $218,000. Inventory data are as follows:
Year
Ending Inventory at Year-End Costs
Ending Inventory at Base Year Costs
2019
$
268,800
$
256,000
2020
361,100
314,000
2021
364,800
304,000
Required: Compute the inventory at December 31, 2019, 2020, and 2021, 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
Ending 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
12/31/2018
=
Base
=
12/31/2019
=
Base
=
2019
=
12/31/2020
=
Base
=
2019
=
2020
=
12/31/2021
=
Base
=
2019
=
2020
=
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