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 WHERE THE NUMBERS COME FROM*
Homework Answers
| Ending inventory | ||
| 2016 | 1100000 | |
| 2017 | 1284000/1.07 = 1200000 | (1100000+100000*1.07) = 1207000 |
| 2018 | 1450000/1.25 = 1160000 | (1100000+60000*1.07) = 1164200 |
| 2019 | 1625000/1.30 = 1250000 | (1164200+90000*1.30) = 1281200 |
So answer is a) $1281200
Note : Please rating
Add Answer to:
Gross Corporation adopted the dollar-value
LIFO method of inventory valuation on December 31, 2016. Its
inventory...
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding...
Gross Corporation adopted the dollar-value
LIFO method of inventory valuation on December 31, 2013.
Information regarding inventory for 2013 and subsequent years is as
follows:DateInventory atCurrent PricesCurrentPrice IndexDecember
31, 2013$550,000100December 31, 2014642,000105December 31,
2015725,000110December 31, 2016812,500115What is the cost of the
ending inventory at December 31, 2016 under dollar-value LIFO?
13. Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding inventory for 2013 and subsequent years is as follows: Date December 31, 2013...
1. Sheffield Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its...
1. Sheffield Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory at that date was $1,120,000 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 $1,293,630 107 December 31, 2018 1,413,350 115 December 31, 2019 1,590,000 125 What is the cost of the ending inventory at December 31, 2019 under dollar-value LIFO? A. $1,209,000 B. $1,293,630...
D is incorrect... * Your answer is incorrect. Swifty Corporation adopted the dollar-value LIFO method of...
D is incorrect...
* Your answer is incorrect. Swifty Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1102000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2020 December 31, 2021 December 31, 2022 Inventory at Current Current Prices Price Index $1286000 106 1449000 124 1627000 129 What is the cost of the ending inventory at December 31, 2021...
Sunland Company manufactures one product. On December 31, 2019, Sunland adopted the dollar-value LIFO inventory method....
Sunland Company manufactures one product. On December 31, 2019, Sunland adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $990,000. Inventory data are as follows: Year Inventory at year-end prices Price index (base year 2019) 2020 $1,253,700 1.05 2021 1,840,000 1.15 2022 1,950,000 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...
Pharoah Company manufactures one product. On December 31, 2019, Pharoah adopted the dollar-value LIFO inventory method....
Pharoah Company manufactures one product. On December 31, 2019, Pharoah adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $1,050,000. Inventory data are as follows: Year 2020 2021 2022 Inventory at year-end prices $1,285,200 1,817,000 1,955,000 Price index (base year 2019) 1.05 1.15 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 31,...
Coronado Industries adopted the dollar-value LIFO inventory method on December 31, 2017. Coronado's entire inventory constitutes...
Coronado Industries adopted the dollar-value LIFO inventory method on December 31, 2017. Coronado's entire inventory constitutes a single pool. On December 31, 2017, the inventory was $969000 under the dollar-value LIFO method. Inventory data for 2018 are as follows: 12/31/18 inventory at year-end prices Relevant price index at year end (base year 2017)110 $1331000 Using dollar value LIFO, Coronado's inventory at December 31, 2018 is $1210000. $1065900. $133100o. O $1234100
Basking Company adopted the dollar-value LIFO method in 2018. At December 31, 2018, ending inventory was...
Basking Company adopted the dollar-value LIFO method in 2018. At December 31, 2018, ending inventory was $104,000, with a price index of 1.00, using dollar-value LIFO. At December 31, 2019, the ending inventory using FIFO is $122,000 and the price index is 1.18. Round all dollar amounts to the nearest dollar. Basking Company's ending inventory at December 31, 2019 on a dollar-value LIFO basis is ________. $104,000 $103,390 $103,280 $122,000
Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO...
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....
Cullumber Company manufactures one product. On December 31, 2019, Cullumber adopted the dollar-value LIFO inventory met...
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...
Giddens Company adopted the dollar-value LIFO inventory method on December 31, Year 1. On December 31,...
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...
Gross Corporation adopted the dollar-value
LIFO method of inventory valuation on December 31, 2013.
Information regarding inventory for 2013 and subsequent years is as
follows:DateInventory atCurrent PricesCurrentPrice IndexDecember
31, 2013$550,000100December 31, 2014642,000105December 31,
2015725,000110December 31, 2016812,500115What is the cost of the
ending inventory at December 31, 2016 under dollar-value LIFO?
13. Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding inventory for 2013 and subsequent years is as follows: Date December 31, 2013...
D is incorrect...
* Your answer is incorrect. Swifty Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1102000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2020 December 31, 2021 December 31, 2022 Inventory at Current Current Prices Price Index $1286000 106 1449000 124 1627000 129 What is the cost of the ending inventory at December 31, 2021...
Pharoah Company manufactures one product. On December 31, 2019, Pharoah adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $1,050,000. Inventory data are as follows: Year 2020 2021 2022 Inventory at year-end prices $1,285,200 1,817,000 1,955,000 Price index (base year 2019) 1.05 1.15 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 31,...
Coronado Industries adopted the dollar-value LIFO inventory method on December 31, 2017. Coronado's entire inventory constitutes a single pool. On December 31, 2017, the inventory was $969000 under the dollar-value LIFO method. Inventory data for 2018 are as follows: 12/31/18 inventory at year-end prices Relevant price index at year end (base year 2017)110 $1331000 Using dollar value LIFO, Coronado's inventory at December 31, 2018 is $1210000. $1065900. $133100o. O $1234100
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....
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...
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...
Most questions answered within 3 hours.
-
You place a block of
ice (mass of 3 kg) into a test chamber filled with...
asked 44 minutes ago -
If a benzene ring has one -CF3 group as a
substituent, will the next substituent add...
asked 21 minutes ago -
CORPORATE FINANCE
STATEMENT: If the total risk of a stock is high you can
expect the...
asked 12 minutes ago -
Which of the following is true?
Select one:
a. The existence of generally accepted accounting principles...
asked 12 minutes ago -
What are the three characteristics of traditional "neighbor
ethics" that Jonas isolates, and in what respects...
asked 14 minutes ago -
According to the manufacturer of a certain candy, 9% of the
candy produced are red. If...
asked 15 minutes ago -
A rectangular block that is 0.6m wide, 0.6m long and 1.2m high
stands on a horizontal...
asked 22 minutes ago -
3. Assume that a mining company that produces ore sells its
product for $40 per ton....
asked 16 minutes ago -
A near sighted person wears corrective glasses made of a
diverging lens with a focal length...
asked 17 minutes ago -
You work for several accountants who are hosting a public
seminar on recent changes to tax...
asked 34 minutes ago -
A Eucher Deck consists of 24 cards. In a four- player game, each
player is dealt...
asked 32 minutes ago -
Describe and draw the mechanism for the formation of the
Grignard reagent with 2-bromopropane as the...
asked 46 minutes ago