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 $750,000. The 2024 and 2025 ending inventory valued at year-end costs were $793,000 and $882,000, 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.

Splish Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. 12/31/20 12/31/21 Cost Net Realizable Value $361,140 415,460 $336,200 394,860 (a) Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation 12/31/20 12/31/21 Debit Credit (b) Prepare journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is…

On January 1, 2024, Select Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Base layer cost-to-retail percentage 2024 layer cost-to-retail percentage Less: Net sales Cost $ 40,800 155,440 Estimate ending inventory using the dollar-value LIFO retail method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Estimated ending inventory at current year retail prices Estimated ending inventory at cost Estimated cost of goods sold $ Retail $ 68,000 270,000 6,000 8,000 250,000 1.02 Cost 40,800 $ 155,440 155,440 196,240 $ Retail 68,000 270,000 6,000 (8,000) 268,000 336,000 (250,000) 86,000…

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