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...

80.2K

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 $800,000. The 2021 and 2022 ending inventory valued at year-end costs were $845.000 and $945,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.08 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 DVL Cost Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory at Year-End Cost Date Year-End Cost Index Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers at Base Year Cost $ 800.000 $ 812.500 Inventory Layers Converted to Cost $ 800,000 $ $ 800.000 $ 13,000 $ inces 800,000 01/01/2021 12/31/2021 5 $ 800,000 845,000 100 104 Bases Bases 2021 800.000 800.000 12.500 100 1.00 1.04 813,000 12/31/2022 $ 08 945.000 $ $ 875,000 Bases 20215 2022 $ B00.000 12.500 75,000 1.00 104 1.08 = $ 800.000 13,000 81,000 $ S 894,000

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

what is wacc? how do company use them for their finance? for example if wacc=10.50% the risk...

Finance
Q

3) In a study of student loan subsidies, I surveyed 100 students. In this sample, students...

Statistics
Q

Buffer capacity is a measure of a buffer solution's resistance to changes in pH as strong...

Chemistry
Q

Which part of the brain is responsible for directing the autonomic nervous system the endocrine...

Biology
Q

1 When the electron jumps from a level n 4 to n 1 the momentum...

Physics
Q

Which rule explains why these triangles are congruent Q S SSS N AAS P These...

Calculus
Q

Find the curvature K of the curve 2 k k 2 K r t ti...

Calculus
Q

Prove if the minimal polynomial of T (linear operator) is of the form p(t)=(phi(t))^m ,...

Accounting
Q

On January 1, 2022, Pina Colada Company purchased the following two machines for use in...

Accounting
Q

OfficeMart has found an error in its data. The percentage of selling and administrative overhead...

Accounting
Q

Someone please help me complete this need it done in 1 hour im on my...

Accounting
Q

Congress would like to increase tax revenues by 6.5 percent. Assume that the average taxpayer...

Accounting