Homework Answers
| Correct option is: A. $737,000 | |||
| Workings: | |||
| Inventory as per dollar-value LIFO Method: | |||
| (a) | Inventory as on December 31, 2021 | = | $ 7,93,800 |
| (b) | Price Index | = | 1.08 |
| (a) / (b) | Value at Base year | = | $ 7,35,000 |
| Less: | Base Inventory | = | $ 7,10,000 |
| (c) | Increase in terms of Price Index | = | $ 25,000 |
| (d) | Price Index | = | 1.08 |
| (c) X (d) | 2021 Layer | = | $ 27000 |
| Add: | Base Inventory | = | $ 7,10,000 |
| Dollar-value LIFO Inventory | = | $ 7,37,000 |
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LEXIC submit 4 Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it...
Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it had an inventory...
Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it had an inventory of $705,000. Its inventory as of December 31, 2021, was $779,100 at year-end costs and the cost index was 1.06. What was DVL inventory on December 31, 2021? A. $747,300. B. $779,100. C. $735,000. D. $736,800.
help with 15 15. Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2018, when...
help with 15
15. Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2018, when it had an inventory of $710,000. Its inventory as of December 31, 2018, was $904,800 at year-end costs and the cost index was 1.20. What was DVL inventory on December 31, 2018? A. $754,000. B. $852,000. C. $904,800. D. $762,800. 16. Molly Corporation obtained a $45,000 note receivable from a customer on June 30, 2018. The note, along with interest at 4%, is due...
15 and 16 please of these answer choices are correct. 15. Udon Inc. adopted dollar-value LIFO (DVL) as of January 1,...
15 and 16 please
of these answer choices are correct. 15. Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2018, when it had an costs and the cost index was 1.20. What was DVL inventory on December 31, 20118? inventory of $710,000. Its inventory as of December 31, 2018, was $904,800 at year-end A. $754,000. B. $852,000. C. $904,800. D. $762,800. 16. Molly Corporation obtained a $45,000 note receivable from a customer on June 30, 2018. The note,...
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 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 Ending Year Ended Inventory at Inventory at December 31 Year-End costs Base-Year Costs Cost Index 2018 $ 111,300 $ 106,000 1.05 2019 $...
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, 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, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
On January 1, 2021, 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 2021 and 2022 ending inventory valued at year-end costs were $884,000 and $954,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.06 for 2022. Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year end cost index" to...
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Chapter 8 Assessment On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $220,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: 1 Cost Index (Relative to Base Year) Inventory at Year-end Year Ended December 31 Costs $302,400 364,800 368,000 1.e8 2021 2822 2023 0028 41 1.12 1.15...
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 $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.
help with 15
15. Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2018, when it had an inventory of $710,000. Its inventory as of December 31, 2018, was $904,800 at year-end costs and the cost index was 1.20. What was DVL inventory on December 31, 2018? A. $754,000. B. $852,000. C. $904,800. D. $762,800. 16. Molly Corporation obtained a $45,000 note receivable from a customer on June 30, 2018. The note, along with interest at 4%, is due...
15 and 16 please
of these answer choices are correct. 15. Udon Inc. adopted dollar-value LIFO (DVL) as of January 1, 2018, when it had an costs and the cost index was 1.20. What was DVL inventory on December 31, 20118? inventory of $710,000. Its inventory as of December 31, 2018, was $904,800 at year-end A. $754,000. B. $852,000. C. $904,800. D. $762,800. 16. Molly Corporation obtained a $45,000 note receivable from a customer on June 30, 2018. The note,...
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 Ending Year Ended Inventory at Inventory at December 31 Year-End costs Base-Year Costs Cost Index 2018 $ 111,300 $ 106,000 1.05 2019 $...
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, 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, 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 2021 and 2022 ending inventory valued at year-end costs were $884,000 and $954,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.06 for 2022. Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year end cost index" to...
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...
Chapter 8 Assessment On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $220,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: 1 Cost Index (Relative to Base Year) Inventory at Year-end Year Ended December 31 Costs $302,400 364,800 368,000 1.e8 2021 2822 2023 0028 41 1.12 1.15...
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.
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