Homework Answers
Answer : C = An additional layer of $ 15,246 is added to the 1/1/17 balance.
An additional $ 15,246 should be added to Dec 31st 2016 inventory balance.
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On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this...
On January 1, 2018, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this...
On January 1, 2018, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $100,700. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Year-end Ending inventory at year-end costs Cost Index 2018 $ 128,205 1.05 2019 146,080 1.10 2020 156,540 1.20 In determining the inventory balance should Badger report in its 12/31/2019 balance sheet:
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this...
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $101,500. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Year-end Ending inventory at year-end costs Cost Index 2021 $ 130,725 1.05 2022 149,600 1.10 2023 159,900 1.20 What inventory balance would Badger report on its 12/31/2023 balance sheet? A. $133,250. B. $135,275. C. $159,900. D. None of these answer...
12. On January 1, 2018, Sam Inc. adopted the dollar-value LIFO method. The inventory cost on...
12. On January 1, 2018, Sam Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $101,900. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Year-end 2018 Ending inventory at year-end costs $131,985 151,360 161,580 2019 Cost Index 1.05 1.10 1.20 2020 In determining the inventory balance should Sam report in its 12/31/2019 balance sheet: A. An additional layer of $25,090 is added to...
12. On January 1, 2018, Sam Inc. adopted the dollar value LIFO method. The inventory.com on...
12. On January 1, 2018, Sam Inc. adopted the dollar value LIFO method. The inventory.com on this date was $101.900. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Cost Inder Year-end 2018 2019 Ending inventory at year-end costs $131.985 151 360 161.580 110 1.20 In determining the inventory balance should Sam report in its 12/31/2019 balance sheet: A. An additional layer of $25.090 is added to the...
On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows: 2016 2017 Cost Retail Cost Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: $28,000 40,000 108,000 $ 90,000 $ 114,000 85,000 2,000 2,500 10,000 2,000 100,000 2,400 8,000 2,200 104,000 4,000 January 1, 2016 December...
On January 1, 2012, the National Furniture Company adopted the dollar-value LIFO method of computing inventory....
On January 1, 2012, 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 $200,000. Year-end inventories at year costs and cost indexes for its one inventory pool where as follows: Year ended Dec. 31 Inventory at Year-end costs Cost Index (relative to base year) 2012 299,000 1.15 2013 300,000 1.20 2014 351,000 1.30 Compute inventory amounts at the end...
Dent Company manufactures one product. On December 31, 2005, Dent adopted the dollar-value LIFO inventory method....
Dent Company manufactures one product. On December 31, 2005, Dent adopted the dollar-value LIFO inventory method. Inventory data for the years following the base-year are: Inventory at Price index Year year-end prices (base year 2005) 2015 $270,000 1.00 2016 378,000 1.05 2017 392,000 1.15 2018 475,000 1.25 Required: Please show all calculations (in formula form if desired) 1. Compute the ending inventory at December 31, 2016, 2017, and 2018, using the dollar-value LIFO method for each year. Clearly indicate the...
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $840,000. The 2018 and 2019 ending inventory valued at year-end costs were $884,000 and $954,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round "Year end cost index" to...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $290,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended Inventory Cost Index December 31 Year-End Costs (Relative to Base Year) 2021 $ 372,300 1.02 2022 383,720 1.06 2023 435,490 1.07 2024 466,950...
On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory....
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 $21.000 Year-end inventories at year-end costs and cost indexes for its one Inventory pool were as follows: Year Ended Inventory at Year-end Costa Cost Index (Relative to Base Year) 2022 333,760 336.950 Required: Compute inventory amounts at the end of each year using the dollar value...
12. On January 1, 2018, Sam Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $101,900. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Year-end 2018 Ending inventory at year-end costs $131,985 151,360 161,580 2019 Cost Index 1.05 1.10 1.20 2020 In determining the inventory balance should Sam report in its 12/31/2019 balance sheet: A. An additional layer of $25,090 is added to...
12. On January 1, 2018, Sam Inc. adopted the dollar value LIFO method. The inventory.com on this date was $101.900. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Cost Inder Year-end 2018 2019 Ending inventory at year-end costs $131.985 151 360 161.580 110 1.20 In determining the inventory balance should Sam report in its 12/31/2019 balance sheet: A. An additional layer of $25.090 is added to the...
On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows: 2016 2017 Cost Retail Cost Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: $28,000 40,000 108,000 $ 90,000 $ 114,000 85,000 2,000 2,500 10,000 2,000 100,000 2,400 8,000 2,200 104,000 4,000 January 1, 2016 December...
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 $21.000 Year-end inventories at year-end costs and cost indexes for its one Inventory pool were as follows: Year Ended Inventory at Year-end Costa Cost Index (Relative to Base Year) 2022 333,760 336.950 Required: Compute inventory amounts at the end of each year using the dollar value...
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