Willy World began using dollar-value LIFO for costing its inventory two years ago. The ending inventory...
Willy World began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past two years in end-of-year dollars was $300,000 and $450,000 and the year-end price indices were 1.0 and 1.2, respectively. Assuming the current inventory at end of year prices equals $645,000 and the index for the current year is 1.25, what is the ending inventory using dollar-value LIFO?
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Willy World began using dollar-value LIFO for costing its
inventory two years ago. The ending inventory...
Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from FIFO to...
Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $224,000. The following information is available from Benn's records for the years 2020 through 2023. Year Ending Inventory on a FIFO Basis Price Index 2020 $264,000 2021 278,400 2022 322,400 1.3 1.1 1.2 2023 320,000 1.2 Required Compute the ending inventory on...
Dollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing....
Dollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2018 $42,000 100 YEAR CURRENT COST INDEX 2018 $42,000 100 2019 56,700 120 2020 60,060 130 2021 71,540 140 Required: Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method. Do not round your intermediate calculations. If required, round your answers to the nearest dollar.
Acute Company manufactures a single product. On December 31, 2019, Acute adopted the dollar-value LIFO inventory...
Acute Company manufactures a single product. On December 31, 2019, Acute adopted the dollar-value LIFO inventory method. It computes it’s inventory on that date using the dollar value LIFO inventory method as $320,000. Inventory data for the succeeding years is as follows: Year Ending Inventory Price Index (End of Year Price) (Base Year 2019) 2020 380,000 1.10 2021 440,000 1.20 2022 450,000 1.25 Instructions: a. Compute the ending inventory using dollar value to compute the balances for...
Compute the ending inventory for Dino Radja Company for 2017 through 2022 using the dollar-value LIFO...
Compute the ending inventory for Dino Radja Company for 2017 through 2022 using the dollar-value LIFO method. E8.23 (LO 4) (Dollar-Value LIFO) The following information relates to the Jimmy Johnson Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2016 $ 70,000 100 December 31, 2017 90,300 105 December 31, 2018 95,120 116 December 31, 2019 105,600 120 December 31, 2020 100,000 125 Instructions Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2016...
E9. Dollar-Value LIFO, No Liquidation. Joe the Grocer Markets, Inc. (JTGM) adopted the dollar-value LIFO inventory...
E9. Dollar-Value LIFO, No Liquidation. Joe the Grocer Markets, Inc. (JTGM) adopted the dollar-value LIFO inventory method using 2018 as the base year. JTGM uses FIFO for its internal books. Information related to its inventory is presented in the following table: Ending Inventory at End-of-Year Prices per Internal Books Cumulative Price Index Year 2018 $ 870,000 100 2019 980,000 102 2020 1,050,000 103 Required >> a. Compute JTGM's ending inventory under the dollar-value LIFO method for the years 2018 through...
Dollar-Value LIFO Example Price Ending Inventory,. Date Index Current Prices 1.00 2018 $200,000 1.15 $299,000 2019...
Dollar-Value LIFO Example Price Ending Inventory,. Date Index Current Prices 1.00 2018 $200,000 1.15 $299,000 2019 1.20 $300,000 2020 1.30 $351,000 2021 Steps in computing ending inventory: 1. Convert inventory to base year costs. 2. Identify the layers of ending inventory created each year. 3. Restate each layer using the cost index in the year acquired. EIBYC Price Ending Inventory Layers EICC Date EICC/Index Index 1.00 $200,000 2018 1.15 $299,000 2019 1.20 $300,000 2020 1.30 $351,000 2021 11 I Pags
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory...
Gross Corporation adopted the dollar-value
LIFO method of inventory valuation on December 31, 2016. Its
inventory at that date was $1100000 and the relevant price index
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
inventory at December 31, 2019 under dollar-value LIFO?
*PLEASE EXPLAIN IN DETAIL, LIKE...
Bond Company adopted the dollar-value LIFO Inventory method on January 1, 2018. In applying the LIFO...
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...
F. Aber company manufactures one product . On dec 31,2016 Aber adopted the dollar value LIFO...
F. Aber company manufactures one product . On dec 31,2016 Aber
adopted the dollar value LIFO Inventory method. The inventory on
that date using the dollar value LIFO inventory method was $900,000
Inventory data are as follows:
Year Inventory at year end prices Price index (base year
2016)
2016 . 900,000 1.00
2017 . 1,260,000 1.05
2018 . 1,840,000 1.15
2019 1,900,000 1.25
F1. Compute the inventory at december 31, 2017, 2018, 2019 using
the dollar value lifo method for...
Marigold Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory...
Marigold Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory at that date was $1130000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date Inventory at Current Prices Current Price Index December 31, 2017 $1272000 106 December 31, 2018 1457000 124 December 31, 2019 1625000 130 What is the cost of the ending inventory at December 31, 2019 under dollar-value LIFO? $1313700. $1270700. $1275200. $1250000.
Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $224,000. The following information is available from Benn's records for the years 2020 through 2023. Year Ending Inventory on a FIFO Basis Price Index 2020 $264,000 2021 278,400 2022 322,400 1.3 1.1 1.2 2023 320,000 1.2 Required Compute the ending inventory on...
E9. Dollar-Value LIFO, No Liquidation. Joe the Grocer Markets, Inc. (JTGM) adopted the dollar-value LIFO inventory method using 2018 as the base year. JTGM uses FIFO for its internal books. Information related to its inventory is presented in the following table: Ending Inventory at End-of-Year Prices per Internal Books Cumulative Price Index Year 2018 $ 870,000 100 2019 980,000 102 2020 1,050,000 103 Required >> a. Compute JTGM's ending inventory under the dollar-value LIFO method for the years 2018 through...
Dollar-Value LIFO Example Price Ending Inventory,. Date Index Current Prices 1.00 2018 $200,000 1.15 $299,000 2019 1.20 $300,000 2020 1.30 $351,000 2021 Steps in computing ending inventory: 1. Convert inventory to base year costs. 2. Identify the layers of ending inventory created each year. 3. Restate each layer using the cost index in the year acquired. EIBYC Price Ending Inventory Layers EICC Date EICC/Index Index 1.00 $200,000 2018 1.15 $299,000 2019 1.20 $300,000 2020 1.30 $351,000 2021 11 I Pags
Gross Corporation adopted the dollar-value
LIFO method of inventory valuation on December 31, 2016. Its
inventory at that date was $1100000 and the relevant price index
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
inventory at December 31, 2019 under dollar-value LIFO?
*PLEASE EXPLAIN IN DETAIL, LIKE...
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...
F. Aber company manufactures one product . On dec 31,2016 Aber
adopted the dollar value LIFO Inventory method. The inventory on
that date using the dollar value LIFO inventory method was $900,000
Inventory data are as follows:
Year Inventory at year end prices Price index (base year
2016)
2016 . 900,000 1.00
2017 . 1,260,000 1.05
2018 . 1,840,000 1.15
2019 1,900,000 1.25
F1. Compute the inventory at december 31, 2017, 2018, 2019 using
the dollar value lifo method for...
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