Wildhorse Company adopted the dollar-value LIFO method on
January 1, 2020 (using internal price indexes and multiple pools).
The following data are available for inventory pool A for the 2
years following adoption of LIFO.
Inventory |
At Base-Year |
At Current-Year |
||
---|---|---|---|---|
1/1/20 |
$209,300 | $209,300 | ||
12/31/20 |
226,200 | 248,820 | ||
12/31/21 |
281,300 | 320,682 |
Computing an internal price index and using the dollar-value LIFO
method, at what amount should the inventory be reported at December
31, 2021?
December 31, 2021 |
||
---|---|---|
Price Index |
enter the price index | |
Dollar-value LIFO inventory |
$enter a dollar amount |
Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?
December 31, 2021 |
||
---|---|---|
Price Index |
320682/281300 | 1.14 |
Dollar-value LIFO inventory |
(209300+16900*1.1+55100*1.14) | 290704 |
Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple poo...
Swifty Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory At Base-Year Cost At Current-Year Cost 1/1/20 $201,600 $201,600 12/31/20 248,900 273,790 12/31/21 255,500 291,270 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021? December 31, 2021 Price Index enter...
Pharoah Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. (14) Pharoah Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory 1/1/17 12/31/17 12/31/18 At Base-Year Cost $185,300 247,800...
Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Ending Inventory Year At Year-End At Base Year Cost Cost Index 1/1/2021 $ 309,500 $ 309,500 1.00 12/31/2021 341,850 322,500 1.06 12/31/2022 445,160 359,000 1.24 Under the dollar-value LIFO method, the inventory at December 31,...
12 Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: 3.33 points Ending Inventory At Year At Base Year End Year Cost 1/1/2021 $305,500 $305,500 12/31/2021341,640 328,500 12/31/2022 433,180 358,000 Cost Index 1.00 1.04 1.21 (8 00:58:39 Under the dollar-value LIFO method, the inventory...
Bond Company adopted the dollar-value LIFO Inventory method on January 1, 2018. In applying the LIFO method, Bond uses internal cost Indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Ending Inventory At Current At Base Year Cost Year Cost 1/1/2018 $300,000 $300,000 12/31/2018 345,600 320,000 12/31/2019420,000 350,000 Cost Index 1.00 1.08 1.20 Under the dollar-value LIFO method, the inventory at December 31, 2019, should...
Pharoah Company has used the dollar-value LIFO method since January 1, 2017. Pharoah uses internal price indexes and multiple pools. At the end of calendar year 2018, the following data are available for Pharoah's inventory pool A At Current-Year Cost Inventory At Base-Year Cost $1,000,000 $1,000,000 January 1, 2017 December 31, 2017 1,250,000 1,375.000 December 31, 2018 1.300,000 1,495,000 Computing an internal price index and using the dollar value LIFO method, at what amount should the inventory in Pool A...
On January 1, 2017, Buffalo Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Buffalo continued to use the FIFO inventory method for internal accounting and management purposes. In applying the LIFO method, Buffalo uses internal conversion price indexes and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for inventory pool no. 1, which comprises products A and B,...
Chapter 8 Assessment On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $220,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: 1 Cost Index (Relative to Base Year) Inventory at Year-end Year Ended December 31 Costs $302,400 364,800 368,000 1.e8 2021 2822 2023 0028 41 1.12 1.15...
Problem 8-9 On January 1, 2017, Vaughn Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Vaughn continued to use the FIFO inventory method for internal accounting and management purposes. In applying the LIFO method, Vaughn uses internal conversion price indexes and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for inventory pool no. 1, which comprises products A...
Problem 8-9 On January 1, 2017, Vaughn Wholesalers Inc, adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Vaughn continued to use the FIFO Inventory method for internal accounting and management purposes. In applying the LIFO method, Vaughn uses Internal conversion price indexes and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for inventory pool no. 1, which comprises products A...