Problems G On January 1, 2018, the Haskins Company adopted the dollar-value LIFO

Question

Problems G On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $720,000. The 2018 and 2019 ending inventory valued at year-end costs were $754,000 and $848,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.) ng Inventory DVL Cost Inventory Layers Converted to Cost Inventory Year Cost Inventory Layers Converted to Base Year Cost Inventory Layers at Base Year Inventory Layers Year-End InventoryYear at Year End Cost Cost Index Cost Converted to Index Date Layers at Base Cost Cost 720,000 720,000 01/01/2018 720,0001.00 12/31/2018 720,000 Base 720,000 $ 725,000! Base S 720 000 $ 754,000 04 2018 ces 12/31/2019 S 800,000 BaseS 720,000 1.06 2018 2019

Explanation / Answer

Inventory layer converted base year end Inventory layer converted to cost Date Inventory at year end Year end cost Inventory layer at base year cost Inventory layer at base year end Year end cost index Inventory layer at converted cost Ending Inventory DVL cost 1/1/2018 $720,000 1 720000 Base 720000 1 720000 720000 12/31/2018 754000 1.04 725000 BAse 720000 1 720000 2018 5000 1.04 5200 725200 12/31/2019 848000 1.06 800000 Base 720000 1 720000 2018 5000 1.04 5200 2019 75000 1.06 79500 804700 If any doubt please comment

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