Homework Answers
Solution:
12/31 Year 2 Inventory at year end prices = $550,000
12/31 Year 2 Inventory at year end prices = $550,000/ 110% = $500,000
Change from previous year = $500,000 - $400,000 = $100,000
Inventory at dollar value LIFO at Dec 31, Year 2 = $400000*100% + $100000*110%
= $400000 + $110,000 = $510,000
Hence option "B" is correct.
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Giddens Company adopted the dollar-value LIFO inventory method on December 31, Year 1. On December 31,...
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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
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Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding...
Gross Corporation adopted the dollar-value
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Information regarding inventory for 2013 and subsequent years is as
follows:DateInventory atCurrent PricesCurrentPrice IndexDecember
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2015725,000110December 31, 2016812,500115What is the cost of the
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Bond Company adopted the dollar-value LIFO Inventory method on January 1, 2018. In applying the LIFO...
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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...
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
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 $400,000. Inventory data for 2021 through 2023 are as follows: UFO iny 2012 DE P 8-13 Dollar-value LIFO . 108-8 Ending Inventory at Year-End Costs Date suming the 12/31/2021 12/31/2022 12/31/2023 $441,000 487,200 510,000 Cost Index 1.05 1.12 1 .20 1 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
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...
Michael Jones Company has adopted the dollar-value LIFO method in 2018. At December 31, 2018, the ending inventory at dollar-value LIFO is $103,000, with a price index of 1.00. At December 31, 2019, the ending inventory using FIFO is $125,000. The price index is 1.3 in 2019. Round all dollar amounts to the nearest dollar. What is the ending inventory using dollar-value LIFO at December 31, 2019? O A. OB· OC. OD, $98,154 $125,000 $199.154 $103,000
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 $400.000. Inventory data for 2021 through 2023 are as follows: Ending Inventor Date at Year-End Costs Cost Index 12/31/2021 $441,000 1.05 12/31/2022 487,200 1.12 12/31/2023 510,000 1.20 Required: Calculate Taylor's ending inventory for 2021 2022 and 2023
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 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....
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