Coronado Industries had January 1 inventory of $301000 when it adopted dollar-value LIFO. During the year,...
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?
Homework Answers
Ending Inventory = $427350/1.11 = $388,500
Ending Inventory = $388,500 - 301000 = $87,500
Ending Inventory = 301000 + 87,500*1.11 = $397,250
Add Answer to:
Coronado Industries had January 1 inventory of $301000 when it
adopted dollar-value LIFO. During the year,...
Coronado Industries had January 1 inventory of $300000 when it adopted dollar-value LIFO. During the year,...
Coronado Industries had January 1 inventory of $300000 when it adopted dollar-value LIFO. During the year, purchases were $1830000 and sales were $3070000. December 31 inventory at year-end prices was $388640, and the price index was 112. What is Coronado Industries’s gross profit? please show work a. $1292640. b. $1328640. c. $1275000. d. $2717360.
Redford Company had January 1 inventory of $300,000 when it adopted dollar-value LIFO. During the year,...
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.
Coronado Industries adopted the dollar-value LIFO inventory method on December 31, 2017. Coronado's entire inventory constitutes...
Coronado Industries adopted the dollar-value LIFO inventory method on December 31, 2017. Coronado's entire inventory constitutes a single pool. On December 31, 2017, the inventory was $969000 under the dollar-value LIFO method. Inventory data for 2018 are as follows: 12/31/18 inventory at year-end prices Relevant price index at year end (base year 2017)110 $1331000 Using dollar value LIFO, Coronado's inventory at December 31, 2018 is $1210000. $1065900. $133100o. O $1234100
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.
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records...
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
Question 10 --/1 View Policies Current Attempt in Progress The dollar-value LIFO method was adopted by...
Question 10 --/1 View Policies Current Attempt in Progress The dollar-value LIFO method was adopted by Coronado Corp. on January 1, 2020. Its inventory on that date was $279,100. On December 31, 2020, the inventory at prices existing on that date amounted to $257,600. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20...
On January 1, 2018, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory...
On January 1, 2018, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $170,000 and $273,000, respectively. Net purchases during the year at cost and at retail were $719,200 and $890,000, respectively. Markups during the year were $9,000. There were no markdowns. Net sales for 2018 were $844,400. The retail price index at the end of 2018 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2018...
Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO...
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,...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $278,250, respectively. Net purchases during the year at cost and at retail were $735,200 and $907000, respectively. Markups during the year were $12,000. There were no markdowns. Net sales for 2021 were $866,500. The retail price index at the end of 2021 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2021...
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The...
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: Cost Retail $117,600 $280,000 260,000 147,200 320,000 300,000 Cost Retail 2018 Inventory, January 1 $40,000 $80,000 2020 Purchases Purchases 85,500 190,000 Sales Sales 200,000 2021 Purchases 2019 Purchases 92,000 230,000 Sales Sales 210,000 In addition, the following price indexes are available: January 1, 2018 100 December 31, 2020 December 31, 2018 105 December 31, 2021 December...
Coronado Industries adopted the dollar-value LIFO inventory method on December 31, 2017. Coronado's entire inventory constitutes a single pool. On December 31, 2017, the inventory was $969000 under the dollar-value LIFO method. Inventory data for 2018 are as follows: 12/31/18 inventory at year-end prices Relevant price index at year end (base year 2017)110 $1331000 Using dollar value LIFO, Coronado's inventory at December 31, 2018 is $1210000. $1065900. $133100o. O $1234100
On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 8.33 points Skipped Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 47,850 $ 87,000 192,390 365,000 7,000 9,000 342,000 1.04 eBook Print References During 2022, purchases at cost and retail were $239,000 and $478,000, respectively. Net markups, net markdowns, and net sales for the year were $6,000, $7,000, and...
Question 10 --/1 View Policies Current Attempt in Progress The dollar-value LIFO method was adopted by Coronado Corp. on January 1, 2020. Its inventory on that date was $279,100. On December 31, 2020, the inventory at prices existing on that date amounted to $257,600. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20...
On January 1, 2021, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $180,000 and $278,250, respectively. Net purchases during the year at cost and at retail were $735,200 and $907000, respectively. Markups during the year were $12,000. There were no markdowns. Net sales for 2021 were $866,500. The retail price index at the end of 2021 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2021...
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: Cost Retail $117,600 $280,000 260,000 147,200 320,000 300,000 Cost Retail 2018 Inventory, January 1 $40,000 $80,000 2020 Purchases Purchases 85,500 190,000 Sales Sales 200,000 2021 Purchases 2019 Purchases 92,000 230,000 Sales Sales 210,000 In addition, the following price indexes are available: January 1, 2018 100 December 31, 2020 December 31, 2018 105 December 31, 2021 December...
Most questions answered within 3 hours.
-
Part 3: Arrows
Write a python program that prompts the user for a number of
columns,...
asked 1 minute ago -
Need help answering these questions!!
1. What economic concept do you find most interesting in
Macroeconomics?...
asked 5 minutes ago -
1. Nimbus, Inc. produces and sells brooms. This table shows the
relationship between the number of...
asked 8 minutes ago -
A gas occupies 200. mL in a piston. If the pressure of the
piston were decreased...
asked 25 minutes ago -
A fossil is found to have a 14C level of 71.0% compared to
living organisms. How...
asked 29 minutes ago -
Many communist or socialist countries have a department that
addresses public health as well as the...
asked 31 minutes ago -
the following questions are either true or false answers
1. The Central Limit Theorem allows one...
asked 31 minutes ago -
The patient recovery time from a particular surgical procedure
is normally distributed with a mean of...
asked 37 minutes ago -
Human relations refer to the way a company arranges people,
jobs, and communications so that work...
asked 54 minutes ago -
Python Program: Design the logic for and implement a program
that merges the two files into...
asked 52 minutes ago -
The specific radiocarbon activity of a sample of wood is 6.25
gms dpm/gm of carbon. The...
asked 58 minutes ago -
An aqueous magnesium chloride solution is made by dissolving
6.96 moles of MgCl2 in sufficient water...
asked 1 hour ago