Question

Mercury Company has only one inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO...

Mercury Company has only one inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $214,000. Inventory data are as follows:

Year Ending Inventory at
Year-End Costs
Ending Inventory at
Base Year Costs
2019 $ 260,400 $ 248,000
2020 347,300 302,000
2021 350,400 292,000


Required:
Compute the inventory at December 31, 2019, 2020, and 2021, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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...
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 $203,000. Inventory data are as follows: Year Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs 2022 $ 237,300 $ 226,000 2023 309,350 269,000 2024 310,800 259,000 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to...
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 $209,000. Inventory data are as follows: Year Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs 2022 $ 249,900 $ 238,000 2023 330,050 287,000 2024 332,400 277,000
Lemon Co. uses the dollar-value LIFO inventory method, which it adopted on December 31, 2020. Lemon's...
Lemon Co. uses the dollar-value LIFO inventory method, which it adopted on December 31, 2020. Lemon's entire inventory constitutes a single dollar-value LIFO pool. On December 31, 2020 the inventory was $1,200,000 under the dollar-value LIFO method. Inventory data for 2021 are as follows: 12/31/21 inventory at year-end prices $ 1,450,000 Relevant price index at year end (base year 2020) 110 Using dollar value LIFO, Lemon's inventory at December 31, 2021 is $_____________. (In your cacluations, round all amounts to...
Question 23 On December 31, 2017, Keller Company adopted the dollar-value LIFO inventory method. The inventory...
Question 23 On December 31, 2017, Keller Company adopted the dollar-value LIFO inventory method. The inventory on that date using dollar-value LIFO was $200,000. Inventory data for later years are as follows:                                           Inventory at                           Price index             Year                    year-end prices                    (base year 2017)             2018                         $294,000                                   1.05             2019                           368,000                                   1.15             2020                           390,000                                   1.25 Compute the inventory reported at December 31, 2018, 2019, and 2020, using the dollar-value LIFO method. December 31, 2018: December 31, 2019: December 31,...
Oriole Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory...
Oriole Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1105000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date Inventory at Current Prices Current Price Index December 31, 2020 $1274000 107 December 31, 2021   1448000 125 December 31, 2022   1620000 130 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO?
On January 1, 2018, the Flou Company adopted the dollar-value LIFO method. The inventory value for...
On January 1, 2018, the Flou Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $490,000. Inventory data for 2018 through 2020 are as follows: Date Ending Inventory at Year-End Costs Cost Index 12/31/2018 540,600 1.06 12/31/2019 598,500 1.14 12/31/2020 638,600 1.24 Calculate the dollar-value ending inventory for each year
Mets Company adopted the dollar-value LIFO inventory method at December 31, 2017 The inventory on that...
Mets Company adopted the dollar-value LIFO inventory method at December 31, 2017 The inventory on that date using the dollar-value LIFO inventory method was $90,000. Inventory data are as follows:                                           Inventory at                           Price index             Year                    year-end prices                   (base year 2016)             2017                         $240,000                                   1.00             2018                           275,000                                   1.10             2019                           300,000                                   1.20 Instructions Compute the inventory at December 31, 2018, and 2019, using the dollar-value LIFO method for each year.                                                                                                                                                             2017-
On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory....
On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $212,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 Inventory at Year-end Costs Cost Index (Relative to Base Year) 2021 $ 285,120 1.08 2022 337,120 1.12 2023 340,400 1.15 Required: Compute inventory amounts at...
On January 1, 2018, the National Furniture Company adopted the dollar-value LIFO method of computing inventory....
On January 1, 2018, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:                                Inventory at Cost Index Year Ended Year-end (Relative to December 31     Costs               Base Year)       2018 $259,200 1.08       2019 296,800 1.12       2020 299,000 1.15 Required: Compute inventory amounts at the...