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December 31 2024 2025 2026 2027 $ $ $ Year-End Costs 96,460 131,100 141,120 $ $ Base-Year Costs 91,000 117,600 Cost Index 1.06 1.15 125 S DVL Cost 125 925

December 31 2024 2025 2026 2027 $ $ $ Year-End Costs 96,460 131,100 141,120 $ $ Base-Year Costs 91,000 117,600 Cost Index 1.06 1.15 125 S DVL Cost 125 925

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of 2024, a company adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $78,000. The company uses an internally generated cost index to convert ending inventory to base year.

Required:

Determine the missing amounts in the inventory data for 2024 through 2027.

Note: Round cost index to 2 decimal places.

Note:-

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Year Ended December 31 2024 2025 2026 2027 Ending Inventory at Year-End Costs $ $ $ Ending Inventory at Base-Year Costs 91,000 96,460 131,100 141,120 $ $ 117,600 Cost Index 1.06 1.15 Inventory at DVL Cost 1.25 $ 125,925
Transcribed Image Text:Year Ended December 31 2024 2025 2026 2027 Ending Inventory at Year-End Costs $ $ $ Ending Inventory at Base-Year Costs 91,000 96,460 131,100 141,120 $ $ 117,600 Cost Index 1.06 1.15 Inventory at DVL Cost 1.25 $ 125,925
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