Please help me complete this Dollar-Value LIFO Exercise. Will give good feedback
ID: 2572816 • Letter: P
Question
Please help me complete this Dollar-Value LIFO Exercise. Will give good feedback, thank you! Step 2 Inventory Layers at increase this year in colD Step3-1 step 4 Step5 Ending Inventory at Ending Inventory at Inventory Ending Layers at Inventory at LuFO Reserve Index Base-Year Cost Year Base-Year Cost Index AcqYear Cost DV LIFO Cost Adustment Purchases calculation Method col B/col C (deflate colF.col SUM co, G Beg inv + Purch End inv (vspriorbol. $9,000 |Basel-S9,000-11.001. S9,000 |S9 000 12/31/2013 $9,000 1.001 $0 12/31/2014| $10,500 1107 10 2/31/2015 $11,250 1.12 12/31/2016 $12,000 1.15 DV LIFO BlankExplanation / Answer
Date
Ending Inventory at Year end cost
Index
Ending Inventory at Base year cost
Year
Inventory Layaers at Base -year cost
Index
Inventory Layers at Acq. Year Cost
Ending Inventory at DV LIFO Cost
LIFO Reserve Adjustment
Purchases
COGS
12/31/2013
9000
1.00
9000
Base
9000
1.00
9000
9000
0
Purchase data is not given
Purchase data is not given
12/31/2014
10500
1.07
9813
Base
9000
1.00
9000
2014
813
1.07
870
9870
630
12/31/2015
11250
1.12
10045
Base
9000
1.00
9000
2014
813
1.07
870
2015
232
1.12
260
10130
1120
12/31/2016
12000
1.15
10435
Base
9000
1.00
9000
2014
813
1.07
870
2015
232
1.12
260
2016
390
1.15
449
10578
1422
12/31/2017
11000
1.17
9402
Base
9000
1.00
9000
2014
402
1.07
430
9430
1570
12/31/2018
13000
1.20
10833
Base
9000
1.00
9000
2014
402
1.07
430
2018
1432
1.20
1718
11148
1852
Date
Ending Inventory at Year end cost
Index
Ending Inventory at Base year cost
Year
Inventory Layaers at Base -year cost
Index
Inventory Layers at Acq. Year Cost
Ending Inventory at DV LIFO Cost
LIFO Reserve Adjustment
Purchases
COGS
12/31/2013
9000
1.00
9000
Base
9000
1.00
9000
9000
0
Purchase data is not given
Purchase data is not given
12/31/2014
10500
1.07
9813
Base
9000
1.00
9000
2014
813
1.07
870
9870
630
12/31/2015
11250
1.12
10045
Base
9000
1.00
9000
2014
813
1.07
870
2015
232
1.12
260
10130
1120
12/31/2016
12000
1.15
10435
Base
9000
1.00
9000
2014
813
1.07
870
2015
232
1.12
260
2016
390
1.15
449
10578
1422
12/31/2017
11000
1.17
9402
Base
9000
1.00
9000
2014
402
1.07
430
9430
1570
12/31/2018
13000
1.20
10833
Base
9000
1.00
9000
2014
402
1.07
430
2018
1432
1.20
1718
11148
1852
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