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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On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $860,000. The 2024 and 2025 ending inventory valued at year-end costs were $897,000 and $966,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.05 for 2025. Required: Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars. Date 01/01/2024 12/31/2024 12/31/2025 Inventory Layers Converted to Base Year Cost Inventory at Year-End Cost Year-End Cost Index = = = Inventory Layers at Base Year Cost Proy Base Base 2024 Base 2024 2025 Inventory Layers Converted to Cost Inventory Layers at Base Year Cost 9 of 9 ‒‒‒ === Year-End Cost Index Noxt = = Inventory Layers Converted to Cost Inventory DVL Cost
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Transcribed Image Text:On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $860,000. The 2024 and 2025 ending inventory valued at year-end costs were $897,000 and $966,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.05 for 2025. Required: Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars. Date 01/01/2024 12/31/2024 12/31/2025 Inventory Layers Converted to Base Year Cost Inventory at Year-End Cost Year-End Cost Index = = = Inventory Layers at Base Year Cost Proy Base Base 2024 Base 2024 2025 Inventory Layers Converted to Cost Inventory Layers at Base Year Cost 9 of 9 ‒‒‒ === Year-End Cost Index Noxt = = Inventory Layers Converted to Cost Inventory DVL Cost
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Step 1: Introduction of Dollar value LIFO method
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