Homework Answers
Determine missing amount
| Year end December 31 | Ending inventory at year end costs | Ending inventory at base year cost | Cost index | Ending inventory at DVL Cost |
| 2018 | 111300 | 106000 | 1.05 | (94000+12000*1.05) = 106600 |
| 2019 | 152760 | 152760/1.14 = 134000 | 1.14 | (106600+28000*1.14) = 138520 |
| 2020 | 168720 | 140600 | 1.20 | (138520+6600*1.20) = 146440 |
| 2021 | 180000 | 144000 | 1.25 | 150690 |
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At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method....
At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that...
At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $94,000. The company uses an internally generated cost index to convert ending inventory to base year. Required: Determine the missing amounts in the inventory data for 2018 through 2021 Ending Inventory at DVL cost Ending Ending Year Ended Inventory at Inventory at December 31 Year-End costs Base-Year Costs Cost Index 2018 S 111,300...
On January 1, 2018 Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one...
On January 1, 2018 Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $335.000. 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: Year Ended December 31 2018 2019 2020 2021 Inventory Year-End Costs $428.400 440, 360 495.000 533,360 Cost Index Relative to Base Year) 1.05 1.09 1.10...
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
On January 1, 2018, 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 2018 and 2019 ending inventory valued at year-end costs were $884,000 and $954,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round "Year end cost index" to...
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 $305.000. 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: Year Ended December 31 2821 2022 2023 2824 Inventory Year-End Costs $390,660 482,800 457,960 491,700 Cost Index (Relative to Base Year) 1.02 1.06 1.07 1.10...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for...
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 $260,000. 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: Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $340,000 350,000 400,000 430,000 Cost Index (Relative to Base Year) 1.02 1.06 1.07 1.10...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $720,000. The 2018 and 2019 ending Inventory valued at year-end costs were $754,000 and $848,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the Inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $720,000. The 2018 and 2019 ending Inventory valued at year-end costs were $754,000 and $848,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the Inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $370,000. Inventory data for 2021 through 2023 are as follows: Date 12/31/2021 12/31/2022 12/31/2023 Ending Inventory at Year-End Costs $417,300 469,800 493,750 Cost Index 1.07 1.16 1.25 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Date Inventory at Year-End Cost Year-End Cost Index...
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used...
Kingston Company uses the dollar-value LIFO method of computing
inventory. An external price index is used to convert ending
inventory to base year. The company began operations on January 1,
2018, with an inventory of $255,000. Year-end inventories at
year-end costs and cost indexes for its one inventory pool were as
follows:
Year Ended
Ending Inventory
Cost Index
December 31
at Year-End Costs
(Relative to Base Year)
2018
$
319,300
1.03
2019
406,560
1.12
2020
384,770
1.09
2021
372,750
1.05...
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...
At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $94,000. The company uses an internally generated cost index to convert ending inventory to base year. Required: Determine the missing amounts in the inventory data for 2018 through 2021 Ending Inventory at DVL cost Ending Ending Year Ended Inventory at Inventory at December 31 Year-End costs Base-Year Costs Cost Index 2018 S 111,300...
On January 1, 2018 Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $335.000. 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: Year Ended December 31 2018 2019 2020 2021 Inventory Year-End Costs $428.400 440, 360 495.000 533,360 Cost Index Relative to Base Year) 1.05 1.09 1.10...
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 $305.000. 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: Year Ended December 31 2821 2022 2023 2824 Inventory Year-End Costs $390,660 482,800 457,960 491,700 Cost Index (Relative to Base Year) 1.02 1.06 1.07 1.10...
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 $260,000. 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: Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $340,000 350,000 400,000 430,000 Cost Index (Relative to Base Year) 1.02 1.06 1.07 1.10...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $720,000. The 2018 and 2019 ending Inventory valued at year-end costs were $754,000 and $848,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the Inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $720,000. The 2018 and 2019 ending Inventory valued at year-end costs were $754,000 and $848,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the Inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $370,000. Inventory data for 2021 through 2023 are as follows: Date 12/31/2021 12/31/2022 12/31/2023 Ending Inventory at Year-End Costs $417,300 469,800 493,750 Cost Index 1.07 1.16 1.25 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Date Inventory at Year-End Cost Year-End Cost Index...
Kingston Company uses the dollar-value LIFO method of computing
inventory. An external price index is used to convert ending
inventory to base year. The company began operations on January 1,
2018, with an inventory of $255,000. Year-end inventories at
year-end costs and cost indexes for its one inventory pool were as
follows:
Year Ended
Ending Inventory
Cost Index
December 31
at Year-End Costs
(Relative to Base Year)
2018
$
319,300
1.03
2019
406,560
1.12
2020
384,770
1.09
2021
372,750
1.05...
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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