Homework Answers
Solution: $96,154
Working:
Ending Inventory: $125000/1.3 = 96,154;
At 12/31, ending inventory using dollar-value LIFO: 96,154* $1 = $96,154
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Michael Jones Company has adopted the dollar-value LIFO method in 2018. At December 31, 2018, the...
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Gross Corporation adopted the dollar-value
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was 100. Information regarding inventory for subsequent years is as
follows: Date Inventory at Current Prices Current Price Index
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*PLEASE EXPLAIN IN DETAIL, LIKE...
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PLEASE SHOW ALL WORK
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Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The...
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Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $400,000. Inventory data for succeeding years are as follows: Inventory at Respective Price Index Year Year-End Prices (Base Year 2018) 2019 $441,000 1.05 2020 540,500 1.15 2021 552,000 1.20 Required: Compute the ending Inventory using the dollar-value LIFO method for 2019, 2020, and 2021. Do not round your intermediate calculations....
Gross Corporation adopted the dollar-value
LIFO method of inventory valuation on December 31, 2016. Its
inventory at that date was $1100000 and the relevant price index
was 100. Information regarding inventory for subsequent years is as
follows: Date Inventory at Current Prices Current Price Index
December 31, 2017 $1284000 107 December 31, 2018 1450000 125
December 31, 2019 1625000 130 What is the cost of the ending
inventory at December 31, 2019 under dollar-value LIFO?
*PLEASE EXPLAIN IN DETAIL, LIKE...
Giddens Company adopted the dollar-value LIFO inventory method on December 31, Year 1. On December 31, Year 1, Giddens' inventory was in a single inventory pool and was valued at $400,000 under the dollar-value LIFO method. Inventory data for Year 2 are as follows 12/31 Year 2 inventory at year-end prices Price index at 12/31 Year 2 (base year Year 1) $550,000 110 Giddens' inventory at dollar-value LIFO at December 31, Year 2 is: O A. $440,000 O B. $510,000...
PLEASE SHOW ALL WORK
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 2019 Cost Retail Cost Retail Beginning inventory Net purchases Freight-in Net markups Net markdown:s Net sales to customers sales to employees (net of 20% discount) Price Index: 串56,000 80,000 104,000 128,000 $109,695 $134,200 4,000 4,500 20,000 4,000 129,465 2,700 12,000 4,200 121,260 4,400 January...
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...
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: Cost Retail $117,600 $280,000 260,000 147,200 320,000 300,000 Cost Retail 2018 Inventory, January 1 $40,000 $80,000 2020 Purchases Purchases 85,500 190,000 Sales Sales 200,000 2021 Purchases 2019 Purchases 92,000 230,000 Sales Sales 210,000 In addition, the following price indexes are available: January 1, 2018 100 December 31, 2020 December 31, 2018 105 December 31, 2021 December...
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