At the beginning of 2024, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool's value on that date was $1,000,000. The 2024 ending inventory valued at year-end costs was $1,515,000 and the year-end cost index was 1.01. Calculate the inventory value at the end of 2024 using the dollar-value LIFO method. Date 01/01/2024 12/31/2024 Inventory Layers converted to Base Year Cost Inventory Layers at Base Year Cost Inventory at year-end cost Year-end cost index = = Base Base 2024 Inventory Layers converted to Cost Year-end cost index Inventory Layers at Base Year Cost = = Inventory Layers Converted to Cost Inventory DVL Cost $ $ 0 0

At the beginning of 2024, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool's value on that date was $1,000,000. The 2024 ending inventory valued at year-end costs was $1,515,000 and the year-end cost index was 1.01. Calculate the inventory value at the end of 2024 using the dollar-value LIFO method. Date 01/01/2024 12/31/2024 Inventory Layers converted to Base Year Cost Inventory Layers at Base Year Cost Inventory at year-end cost Year-end cost index = = Base Base 2024 Inventory Layers converted to Cost Year-end cost index Inventory Layers at Base Year Cost = = Inventory Layers Converted to Cost Inventory DVL Cost $ $ 0 0

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Description: Please answer fast i give you upvote. At the beginning of 2024, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool's value onthat date was $1,000,000. The 2024 ending inventory valued at year-end costs was $1

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....

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