On January 1, 2017, Buffalo Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Buffalo continued to use the FIFO inventory method for internal accounting and management purposes. In applying the LIFO method, Buffalo uses internal conversion price indexes and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for inventory pool no. 1, which comprises products A and B, for the 2 years following the adoption of LIFO. FIFO Basis per Records Units Unit Cost Total Cost Inventory, 1/1/17 Product A 11,200 $35 $392,000 Product B 10,200 29 295,800 $687,800 Inventory, 12/31/17 Product A 18,200 42 $764,400 Product B 10,200 30 306,000 $1,070,400 Inventory, 12/31/18 Product A 14,200 47 $667,400 Product B 11,200 37 414,400 $1,081,800 Compute the internal conversion price indexes for 2017 and 2018. (Round price index to 0 decimal places, e.g. 162.) 2017 2018 Conversion price index LINK TO TEXT Compute the inventory amounts at December 31, 2017 and 2018, using the dollar-value LIFO inventory method. (Round answers to 0 decimal places, e.g. 5,620.) 2017 2018 Inventory $ $
On January 1, 2017, Buffalo Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax...
Problem 8-9
On January 1, 2017, Vaughn Wholesalers Inc. adopted the
dollar-value LIFO inventory method for income tax and external
financial reporting purposes. However, Vaughn continued to use the
FIFO inventory method for internal accounting and management
purposes. In applying the LIFO method, Vaughn uses internal
conversion price indexes and the multiple pools approach under
which substantially identical inventory items are grouped into LIFO
inventory pools. The following data were available for inventory
pool no. 1, which comprises products A...
Problem 8-9 On January 1, 2017, Vaughn Wholesalers Inc, adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Vaughn continued to use the FIFO Inventory method for internal accounting and management purposes. In applying the LIFO method, Vaughn uses Internal conversion price indexes and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for inventory pool no. 1, which comprises products A...
Problem 8-9 nary 1 2017 Stellar whalesalers Inc. adopted the dollar value LIFO inventory method for income tax and externa financial reporting purposes. However, Stellar continued to use the FIFO nventory me dd for internal accounting and manager purposes. In app ying the LIFO method, Stellar uses internal conversion price indexes and the multiple pools approach under which substantially dent cal inventory items are grouped into LIF。inventory pools. The pool no. 1, which comprises products A and B, for the...
Pharoah Company adopted the dollar-value
LIFO method on January 1, 2017 (using internal price indexes and
multiple pools). The following data are available for inventory
pool A for the 2 years following adoption of LIFO.
(14) Pharoah Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory 1/1/17 12/31/17 12/31/18 At Base-Year Cost $185,300 247,800...
Compute the inventory amounts at December 31, 2017 and 2018,
using dollar value LIFO inventory method.
Problem 8-9 On January 1, 2017, Sweet Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Sweet continued to use the FIFO inventory method for internal accounting and management purposes. In applying the LIFO method, Sweet uses internal conversion price indexe and the multiple pools approach under which substantially identical inventory items are grouped into LIFO...
Pharoah Company has used the dollar-value LIFO method since January 1, 2017. Pharoah uses internal price indexes and multiple pools. At the end of calendar year 2018, the following data are available for Pharoah's inventory pool A At Current-Year Cost Inventory At Base-Year Cost $1,000,000 $1,000,000 January 1, 2017 December 31, 2017 1,250,000 1,375.000 December 31, 2018 1.300,000 1,495,000 Computing an internal price index and using the dollar value LIFO method, at what amount should the inventory in Pool A...
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...
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,...
Swifty Company adopted the dollar-value LIFO method on January
1, 2020 (using internal price indexes and multiple pools). The
following data are available for inventory pool A for the 2 years
following adoption of LIFO.
Inventory
At Base-Year
Cost
At Current-Year
Cost
1/1/20
$201,600
$201,600
12/31/20
248,900
273,790
12/31/21
255,500
291,270
Computing an internal price index and using the dollar-value LIFO
method, at what amount should the inventory be reported at December
31, 2021?
December 31, 2021
Price Index
enter...
Wildhorse Company adopted the dollar-value LIFO method on
January 1, 2020 (using internal price indexes and multiple pools).
The following data are available for inventory pool A for the 2
years following adoption of LIFO.
Inventory
At Base-Year
Cost
At Current-Year
Cost
1/1/20
$209,300
$209,300
12/31/20
226,200
248,820
12/31/21
281,300
320,682
Computing an internal price index and using the dollar-value LIFO
method, at what amount should the inventory be reported at December
31, 2021?
December 31, 2021
Price Index
enter...