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

Q

rk e point given in polar coordinates 3T 4 4 se the correct graph below...

Basic Math
Q

A three phase engine has an usable power of 90 kW and an efficiency of 91%....

Electrical Engineering
Q

1)Let S be the set of all students at a college. Define a relation on the...

Advance Math
Q

When myoblasts in cell culture are treated with purified "proteinX", they increase in size and...

Biology
Q

0 The magnetic needle of tangent galvanometer is deflected at an angle 30 due to...

Physics
Q

Solve the triangle. Round to the nearest tenth.None of the other answers are correctmZK 113,...

Basic Math
Q

Pivot the matrix about the circled element 26 0 4 3 0 2 13 The...

Algebra
Q

Horse Power Co. purchased a new machine on January 1, 2019, at a cost of...

Accounting
Q

TB MC Qu. 23-71 (Algo) Benjamin Company had the following results... Benjamin Company had the...

Accounting
Q

One of the roles of financial management is to assist businesses to choose low-risk investments...

Accounting
Q

$1000 at 6% compounded quarterly for 6 years

Accounting
Q

Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence,...

Finance