Computation of inventory at base year prices and change from prior year - Ivanhoe Company | ||||
Year end | Inventory at base year prices | Inventory at Current year cost | Price Index | Inventory Change from Prior Years |
01-Jan-17 | $1,000,000 | $1,000,000 | 1.00 | $0 |
31-Dec-17 | $1,250,000 | $1,375,000 | 1.10 | $250,000 |
31-Dec-18 | $1,300,000 | $1,495,000 | 1.15 | $50,000 |
Dollar value Inventory December 31, 2018 = $1,000,000*1 + $250,000*1.10 + $50,000 *1.15
= $1,332,500
price index = 1,332,500 / 1,300,000 = 1.025
Pharoah Company has used the dollar-value LIFO method since January 1, 2017. Pharoah uses internal price...
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...
Please solve for price index, the answer is not 1.02441 The dollar value lifo is given Your answer is partially correct. Sandhill Company has used the dollar-value LIFO method since January 1, 2017. Sandhill uses internal price indexes and multiple pools. At the end of calendar year 2018, the following data are available for Sandhill's inventory pool A Inventory January 1, 2017 December 31, 2017 December 31, 2018 At Base-Year Cost $1,000,000 1,220,000 1,270,000 At Current-Year Cost $1,000,000 1.342.000 1,498,600...
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...
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 Cost At Current-Year Cost 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...
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,...
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...
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...
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,...
Problem 8-9 nary 1 2017 Stellar whalesalers Inc. adopted the dollar value LIFO inventory method for income tax and externa financial reporting purposes. However, Stellar continued to use the FIFO nventory me dd for internal accounting and manager purposes. In app ying the LIFO method, Stellar uses internal conversion price indexes and the multiple pools approach under which substantially dent cal inventory items are grouped into LIF。inventory pools. The pool no. 1, which comprises products A and B, for the...