Question

Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO...

Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $219,000. Inventory data are as follows:

Year Ending Inventory at
Year-End Costs		 Ending Inventory at
Base Year Costs
2022 $ 270,900 $ 258,000
2023 364,550 317,000
2024 368,400 307,000


Required:
Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.)

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Answer #1

Calculation of inventory is as follows;

note*
Ending inventory at year end costs/Ending inventory at Base year costs

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