Homework Answers
1. 12/31/2021
Base inventory = $282960/1.08 = $262000
Inventory layers
(200000*1) + ($62000*1.08) = $266960
2. 12/31/2022
Base inventory = $333760/1.12 = $298000
Inventory layer
= (200000*1) + (62000*1.08) + (36000*1.12)
= $307280
3. 12/31/2023
Base inventory = 336950/1.15 = $293000
Inventory layers
= (200000*1) + (62000*1.08) + (31000*1.12)
= $301680
Note - here base inventory is less than previous year , it means inventory purchased this year was sold completely along with some portion of last year inventory.
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