FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $200,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year-End Costs $ 231,000 299,000 300,000 Date Required: Compute the inventory at December 31, 2025, 2026, and 2027, using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. 12/31/2024 12/31/2025 12/31/2026 12/31/2027 Inventory Layers Converted to Base Year Cost Ending Inventory at Base Inventory at Year- End Cost $ 200,000 $ 231,000 $ 299,000 $ 300,000 > > + Ending Inventory at Base Year Costs $ 220,000 260,000 250,000 + + Year- End Cost Index 1 1.05 1.15 1.2 > = = = 11 = Year Cost $ 200,000 $ 220,000 $ 260,000 $ 250,000 X Answer is complete but not entirely correct. Inventory Layers Converted to Cost Ending Inventory at Base Year Cost Base $ Base $ 2025 $ Base $ 2025 $ 2026 $ Base $ 2025 $ 200,000 200,000 22,000 X 200,000 22,000 X 38,000 X 200,000✔ 22,000 X X X X X X X X Year- End Cost Index 1 1 1.05 ✓E 333 1 ✓1.05 1.15 1 1.05 = 33333 = = E = = = Inventory Layers Converted to Cost $ $ $ $ $ $ $ $ 200,000 200,000 23,100 x $ 200,000 23,100 X 43,700 X $ 200,000 23,100 X Inventory DVL Cost $ 200,000 223,100 266,800
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Transcribed Image Text:Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $200,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year-End Costs $ 231,000 299,000 300,000 Date Required: Compute the inventory at December 31, 2025, 2026, and 2027, using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. 12/31/2024 12/31/2025 12/31/2026 12/31/2027 Inventory Layers Converted to Base Year Cost Ending Inventory at Base Inventory at Year- End Cost $ 200,000 $ 231,000 $ 299,000 $ 300,000 > > + Ending Inventory at Base Year Costs $ 220,000 260,000 250,000 + + Year- End Cost Index 1 1.05 1.15 1.2 > = = = 11 = Year Cost $ 200,000 $ 220,000 $ 260,000 $ 250,000 X Answer is complete but not entirely correct. Inventory Layers Converted to Cost Ending Inventory at Base Year Cost Base $ Base $ 2025 $ Base $ 2025 $ 2026 $ Base $ 2025 $ 200,000 200,000 22,000 X 200,000 22,000 X 38,000 X 200,000✔ 22,000 X X X X X X X X Year- End Cost Index 1 1 1.05 ✓E 333 1 ✓1.05 1.15 1 1.05 = 33333 = = E = = = Inventory Layers Converted to Cost $ $ $ $ $ $ $ $ 200,000 200,000 23,100 x $ 200,000 23,100 X 43,700 X $ 200,000 23,100 X Inventory DVL Cost $ 200,000 223,100 266,800
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