Homework Answers
Solution:
| Date | Inventory layer converted to base year cost | Inventory layers converted to cost | Ending inventory DVLCost | |||||||||
| Inventory at year end cost | / | Year end cost index | Inventory layer at base year cost | Inventory layer at base year cost | * | Year end cost index | = | Inventory layer converted to costs | ||||
| 31-Dec-21 | $220,000.00 | / | 1.00 | $220,000.00 | Base | $220,000.00 | * | 1.00 | = | $220,000.00 | $220,000.00 | |
| 31-Dec-22 | $273,000.00 | / | 1.05 | $260,000.00 | Base | $220,000.00 | * | 1.00 | = | $220,000.00 | ||
| 2022 | $40,000.00 | * | 1.05 | = | $42,000.00 | $262,000.00 | ||||||
| 31-Dec-23 | $368,000.00 | / | 1.15 | $320,000.00 | Base | $220,000.00 | * | 1.00 | = | $220,000.00 | ||
| 2022 | $40,000.00 | * | 1.05 | = | $42,000.00 | |||||||
| 2023 | $60,000.00 | * | 1.15 | = | $69,000.00 | $331,000.00 | ||||||
| 31-Dec-24 | $372,000.00 | / | 1.20 | $310,000.00 | Base | $220,000.00 | * | 1.00 | = | $220,000.00 | ||
| 2022 | $40,000.00 | * | 1.05 | = | $42,000.00 | |||||||
| 2023 | $50,000.00 | * | 1.15 | = | $57,500.00 | |||||||
| 2024 | = | $0.00 | $319,500.00 | |||||||||
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Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $207,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $245,700 323, 150 325,200 Ending Inventory at Base Year Costs $234,800 281,000 271,080 Required: Compute the inventory at December 31, 2022 2023 and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar value...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar value LIFO inventory method. The Inventory on that date using the dollar value LIFO method was $212,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Ending Inventory at Year-End Costs Base Year Costs $256,200 $244,000 340,400 296, eee 343,200 286, eee Required: Compute the inventory at December 31, 2022 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost...
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...
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...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Mercury Company has only...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO Inventory method. The Inventory on that date using the dollar-value LIFO method was $204,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $ 239,400 312,800 314,400 Ending Inventory at Base Year Costs $228,00 272,00 262,200 Required: Compute the Inventory at December 31, 2022, 2023, and 2024,...
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, 2021, with an inventory of $201,000. 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) 2021 $ 291,600 1.08 2022 376,420 1.18 2023 355,350 1.15 2024 349,650 1.11...
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, 2021, with an inventory of $183,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Cost Index (Relative to Base Year) 1.05 Year Ended December 31 2021 2022 2023 2024 Ending Inventory at Year-End Costs $262,500 350, 460 330, 050 327,450 1.11 Required:...
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, 2021, with an inventory of $147,000. 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 Ending Inventory at Year-End Costs $220, 500 283, 360 264, 870 262, 150 Cost Index (Relative to Base Year)...
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, 2021, with an inventory of $219,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Ending Inventory Cost Index Year Ended (Relative to Base Year) December 31 at Year-End Costs $333,500 426,250 403,820 1.15 2021 2022 1.25 2023 1.22 2024 395,300 1.18 Required:...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $207,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $245,700 323, 150 325,200 Ending Inventory at Base Year Costs $234,800 281,000 271,080 Required: Compute the inventory at December 31, 2022 2023 and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar value LIFO inventory method. The Inventory on that date using the dollar value LIFO method was $212,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Ending Inventory at Year-End Costs Base Year Costs $256,200 $244,000 340,400 296, eee 343,200 286, eee Required: Compute the inventory at December 31, 2022 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost...
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...
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...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO Inventory method. The Inventory on that date using the dollar-value LIFO method was $204,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $ 239,400 312,800 314,400 Ending Inventory at Base Year Costs $228,00 272,00 262,200 Required: Compute the Inventory at December 31, 2022, 2023, and 2024,...
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, 2021, with an inventory of $183,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Cost Index (Relative to Base Year) 1.05 Year Ended December 31 2021 2022 2023 2024 Ending Inventory at Year-End Costs $262,500 350, 460 330, 050 327,450 1.11 Required:...
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, 2021, with an inventory of $147,000. 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 Ending Inventory at Year-End Costs $220, 500 283, 360 264, 870 262, 150 Cost Index (Relative to Base Year)...
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, 2021, with an inventory of $219,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Ending Inventory Cost Index Year Ended (Relative to Base Year) December 31 at Year-End Costs $333,500 426,250 403,820 1.15 2021 2022 1.25 2023 1.22 2024 395,300 1.18 Required:...
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