13. On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventory at Year-End Costs Cost Index 12/31/2021 $ 436,800 1.04 12/31/2022 487,200 1.12 12/31/2023 518,500 1.22 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
13. On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventory at Year-End Costs Cost Index 12/31/2021 $ 436,800 1.04 12/31/2022 487,200 1.12 12/31/2023 518,500 1.22 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
Chapter10: Financial Statements And Reports
Section: Chapter Questions
Problem 4.9C
Related questions
Topic Video
Question
100%
13.
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows:
Date | Ending Inventory at Year-End Costs |
Cost Index | |||
12/31/2021 | $ | 436,800 | 1.04 | ||
12/31/2022 | 487,200 | 1.12 | |||
12/31/2023 | 518,500 | 1.22 | |||
Required:
Calculate Taylor's ending inventory for 2021, 2022, and 2023.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning