Exercise 8-20 Vaughn Company has used the dollar-value LIFO method for inventory cost determination for many years. The...
Exercise 8-20
Vaughn Company has used the dollar-value LIFO method for
inventory cost determination for many years. The following data
were extracted from Vaughn’s records.
|
Date |
Price |
Ending Inventory |
Ending Inventory |
|||
| December 31, 2017 | 105 | $92,520 | $87,250 | |||
| December 31, 2018 | ? | 97,520 | 93,300 |
Calculate the index used for 2018 that yielded the above
results.
| Index used for 2018 |
|
Homework Answers
| 97520-92520 = 5000 |
| 93300-87250 = 6050 |
| Index used for 2018 = 6050/5000*100= 121 |
| Index used for 2018 = 121 |
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Exercise 8-20 Vaughn Company has used the dollar-value LIFO method for inventory cost determination for many years. The...
Windsor Company has used the dollar-value LIFO method for inventory cost determination for many years. The...
Windsor Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Windsor' records. Date December 31, 2020 December 31, 2021 Price Ending Inventory Index at Base Prices 105 $92,310 ? 97,310 Ending Inventory at Dollar-Value LIFO $96,300 101,900 Calculate the index used for 2021 that yielded the above results. Index used for 2021
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...
Problem 8-9 On January 1, 2017, Vaughn Wholesalers Inc. adopted the dollar-value LIFO inventory method for...
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...
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...
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...
Problem 8-9 On January 1, 2017, Vaughn Wholesalers Inc, adopted the dollar-value LIFO inventory method for...
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...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $720,000. The 2018 and 2019 ending Inventory valued at year-end costs were $754,000 and $848,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the Inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $720,000. The 2018 and 2019 ending Inventory valued at year-end costs were $754,000 and $848,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the Inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round...
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
Pharoah Company has used the dollar-value LIFO method since January 1, 2017. Pharoah uses internal price...
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...
Windsor Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Windsor' records. Date December 31, 2020 December 31, 2021 Price Ending Inventory Index at Base Prices 105 $92,310 ? 97,310 Ending Inventory at Dollar-Value LIFO $96,300 101,900 Calculate the index used for 2021 that yielded the above results. Index used for 2021
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...
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...
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...
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...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $720,000. The 2018 and 2019 ending Inventory valued at year-end costs were $754,000 and $848,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the Inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round...
Exercise 8-23 Dollar-value LIFO (LO8-8] On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $720,000. The 2018 and 2019 ending Inventory valued at year-end costs were $754,000 and $848,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.06 for 2019. Required: Complete the below table to calculate the Inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round...
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
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...
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