Homework Answers
| December. 31, 2019 | $421,000 |
| December. 31, 2020 | $478,500 |
| December. 31, 2021 | $467,000 |
Working notes:
| 2019:. | |
| Inventory value on 2018 | $400,000 |
| Add: Layer of LIFO in 2019 ($441,000/1.05 = $420,000 - $400,000 = $20,000*1.05) | $21,000 |
| Ending Inventory in 2019 | $421,000 |
| 2020:. | |
| Inventory value on 2018 | $400,000 |
| Add: Layer of LIFO in 2019 ($441,000/1.05 = $420,000 - $400,000 = $20,000*1.05) | $21,000 |
| Add: Layer of LIFO in 2020 [($540,500/1.15 = $470,000) - ($441,000/1.05 = $420,000)] = $50,000*1.15 | $57,500 |
| Ending Inventory in 2020 | $478,500 |
| 2021:. | |
| Inventory value on 2018 | $400,000 |
| Add: Layer of LIFO in 2019 ($441,000/1.05 = $420,000 - $400,000 = $20,000*1.05) | $21,000 |
| Add: Layer of LIFO in 2020 [($552,000/1.20 = $460,000) - ($540,500/1.15 = $470,000)] = -$10,000; ($50,000 - $10,000 = $40,000*1.15) | $46,000 |
| Ending Inventory in 2021 | $467,000 |
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F. Aber company manufactures one product . On dec 31,2016 Aber
adopted the dollar value LIFO Inventory method. The inventory on
that date using the dollar value LIFO inventory method was $900,000
Inventory data are as follows:
Year Inventory at year end prices Price index (base year
2016)
2016 . 900,000 1.00
2017 . 1,260,000 1.05
2018 . 1,840,000 1.15
2019 1,900,000 1.25
F1. Compute the inventory at december 31, 2017, 2018, 2019 using
the dollar value lifo method for...
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Cullumber Company manufactures one product. On December 31, 2019, Cullumber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $1,080,000. Inventory data are as follows: Price index (base year 2019) Inventory at year-end prices Year $1,241,100 2020 1.05 2021 1.15 1,789,400 2022 1,925,000 1.25 Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year. Inventory at December 31, 2020 $ Inventory at December...
I need the answers ASAP
9. Dollar-value LIFO. Aber Company manufactures one product. On December 31, 2019, Aber adopted the dollar- value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $900,000. Inventory data are as follows: Year 2020 2021 2022 Inventory at year-end prices $1.260,000 1,840,000 1,900,000 Price index (base year 2019) 1.05 1.15 1.25 Instructions Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each...
D. Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company adopted the dollar-value LIFO method. Presented below is the following inventory data. Inventory at (End-of-Year Prices) $70,000 Year 2018 Price Index 100 of ballo 105 Suit 116 120 in norte 20 2019 90,300 95,120 105,600 no 2020 2021 Using the dollar-value LIFO method, compute the value of the inventory at December 31 for the years 2018, 2019, 2020 and 2021.
D.Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company adopted the dollar-value LIFO method. Presented below is the following inventory data lood ar 0Price dojo Index 100 ho p Instrue Inventory at End-of-Year Prices) $70,000 oe asado Year 2018 boovilsb) cola 90,300 105 2019 steoibui ebroo0 en 95,120 2020 116 brod to violesvniooismie 32019 Using the dollar-value LIFO method, compute the value of the inventory at December 31 2021 105,600 120 for the years...
F. Aber company manufactures one product . On dec 31,2016 Aber
adopted the dollar value LIFO Inventory method. The inventory on
that date using the dollar value LIFO inventory method was $900,000
Inventory data are as follows:
Year Inventory at year end prices Price index (base year
2016)
2016 . 900,000 1.00
2017 . 1,260,000 1.05
2018 . 1,840,000 1.15
2019 1,900,000 1.25
F1. Compute the inventory at december 31, 2017, 2018, 2019 using
the dollar value lifo method for...
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