Homework Answers
Calculate dollar value LIFO method
Cost of ending inventory 2022 = (305500+23000*1.04+29500*1.21) = 365115
So answer is a) $365115
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12 Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the...
Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO...
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,...
Bond Company adopted the dollar-value LIFO Inventory method on January 1, 2018. In applying the LIFO...
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...
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
On January 1, 2021, 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 2021 and 2022 ending inventory valued at year-end costs were $884,000 and $954,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.06 for 2022. Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year end cost index" to...
Pharoah Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price indexes and...
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...
Swifty Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and...
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 poo...
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...
undwr the lifo method, the inventory at December 31 should be? 2. Bond Company adopted the...
undwr the lifo method, the inventory at December 31 should
be?
2. 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: Cost Index Year 1/1/2018 12/31/2018 12/31/2019 Ending Inventory At Base At Current Cost Year Cost $306,000 $306,000 337,575 321,500 430,800 359,000 1.00 1.05...
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...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 37,700 $ 58,000 Net purchases 87,120 117,000 $ 93,886 $ 123,300 Freight-in 2,900 3,400 Net markups 14,500 9,800 Net markdowns 2,900 3,100 Net sales to customers 115,790 112,000 Sales to employees (net of 20% discount) 3,400 5,440 Price Index: January...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inv...
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 $330,000. 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: Cost Index (Relative to Base Year) 1.04 Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $418, 080 429, 840 482,870 520, 240...
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...
On January 1, 2021, 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 2021 and 2022 ending inventory valued at year-end costs were $884,000 and $954,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.06 for 2022. Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year end cost index" to...
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...
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...
undwr the lifo method, the inventory at December 31 should
be?
2. 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: Cost Index Year 1/1/2018 12/31/2018 12/31/2019 Ending Inventory At Base At Current Cost Year Cost $306,000 $306,000 337,575 321,500 430,800 359,000 1.00 1.05...
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...
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 $330,000. 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: Cost Index (Relative to Base Year) 1.04 Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $418, 080 429, 840 482,870 520, 240...
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