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 |
||||
|
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
C. $1,198,400
D. $1,291,980
2. The following information was available from the inventory records of Crane Company for January:
|
Units |
Unit Cost |
Total Cost |
||||||||||
|
Balance at January 1 |
5000 |
$9.10 |
$45,500 |
|||||||||
|
Purchases: |
||||||||||||
|
January 6 |
5000 |
10.37 |
51,850 |
|||||||||
|
January 26 |
5000 |
10.74 |
53,700 |
|||||||||
|
Sales |
||||||||||||
|
January 7 |
(2000 |
) |
||||||||||
|
January 31 |
(9000 |
) |
||||||||||
|
Balance at January 31 |
4000 |
|||||||||||
Assuming that Crane uses the periodic inventory
system, what should be the cost of goods sold at January 31, using
the weighted-average inventory method, rounded to the nearest
dollar?
A. $108,372
B. $102,298
C. $110,770
D. $40,486
3. Transactions for the month of June were:
|
Purchases |
Sales |
|||||||
|
June 1 |
(balance) 3150 @ |
$3.30 |
June 2 |
2480 |
||||
|
3 |
8730 @ |
3.20 |
6 |
6390 |
||||
|
7 |
4820 @ |
3.40 |
9 |
4000 |
||||
|
15 |
7130 @ |
3.50 |
10 |
1520 |
||||
|
22 |
2080 @ |
3.60 |
18 |
5590 |
||||
|
25 |
830 |
|||||||
Assuming that perpetual inventory records are kept
in dollars, the COGS on a LIFO basis is
A. $69,813
B. $68,058
C. $67,349
D. $67,251
Homework Answers
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1. Sheffield Corp. adopted the dollar-value LIFO method of
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Gross Corporation adopted the dollar-value
LIFO method of inventory valuation on December 31, 2016. Its
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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
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Gross Corporation adopted the dollar-value
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follows:DateInventory atCurrent PricesCurrentPrice IndexDecember
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2015725,000110December 31, 2016812,500115What is the cost of the
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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...
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