Tiger Inc. adopted dollar-value LIFO on January 1, 2015, when the inventory value was $322,000 and the cost index was 1.25. On December 31, 2015, the inventory was valued at year-end cost of $376,000 and the cost index was 1.30. Tiger would report a LIFO inventory of:
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Tiger Inc. adopted dollar-value LIFO on January 1, 2015, when the inventory value was $322,000 and the cost index was 1.25. On December 31, 2015, the inventory was valued at year-end cost of $376,000 and the cost index was 1.30. Tiger would report a LIFO
On January 1, 2018, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $100,700. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Year-end Ending inventory at year-end costs Cost Index 2018 $ 128,205 1.05 2019 146,080 1.10 2020 156,540 1.20 In determining the inventory balance should Badger report in its 12/31/2019 balance sheet:
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $101,500. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Year-end Ending inventory at year-end costs Cost Index 2021 $ 130,725 1.05 2022 149,600 1.10 2023 159,900 1.20 What inventory balance would Badger report on its 12/31/2023 balance sheet? A. $133,250. B. $135,275. C. $159,900. D. None of these answer...
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.
Carswell Electronics adopted the dollar-value LIFO method on January 1, 2021, when the inventory value of its one inventory pool was $870,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2021, the CPI was 230. On December 31, 2021, inventory valued at year-end cost was $1,045,000 and the CPI was 253. Required:Calculate the inventory value at the end of 2021 using the dollar-value LIFO...
On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $110,000. The 2016 ending inventory, valued at year-end costs, was $140,760. The relative cost index for this inventory in 2016 was 1.15. Suppose that Badger's 2017 ending inventory, valued at year-end costs, was $163,350 and that the relative cost index for this inventory in 2017 was 1.21. In determining the inventory balance should Badger report in its 12/31/17 balance sheet: Multiple Choice...
Giddens Company adopted the dollar-value LIFO inventory method on December 31, Year 1. On December 31, Year 1, Giddens' inventory was in a single inventory pool and was valued at $400,000 under the dollar-value LIFO method. Inventory data for Year 2 are as follows 12/31 Year 2 inventory at year-end prices Price index at 12/31 Year 2 (base year Year 1) $550,000 110 Giddens' inventory at dollar-value LIFO at December 31, Year 2 is: O A. $440,000 O B. $510,000...
12. On January 1, 2018, Sam Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $101,900. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Year-end 2018 Ending inventory at year-end costs $131,985 151,360 161,580 2019 Cost Index 1.05 1.10 1.20 2020 In determining the inventory balance should Sam report in its 12/31/2019 balance sheet: A. An additional layer of $25,090 is added to...
Coronado Industries had January 1 inventory of $301000 when it adopted dollar-value LIFO. During the year, purchases were $1780000 and sales were $3050000. December 31 inventory at year-end prices was $427350, and the price index was 111. What is Coronado Industries’s ending inventory?
Redford Company had January 1 inventory of $300,000 when it adopted dollar-value LIFO. During the year, purchases were $1,800,000 and sales were $3,000,000. December 31 inventory at year-end prices was $430,080, and the price index was 115. How much is Redford's ending inventory at December 31? NOTE: Show your work and label your numbers. Round all calculations to whole dollars.
Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. 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 Year At Year-End At Base Year Cost Cost Index 1/1/2021 $ 309,500 $ 309,500 1.00 12/31/2021 341,850 322,500 1.06 12/31/2022 445,160 359,000 1.24 Under the dollar-value LIFO method, the inventory at December 31,...