Homework Answers
| Ending | Ending | Ending | ||
| Year Ended | Inventory at | Inventory at | Inventory at | |
| December 31 | Year-End costs | Base-Year costs | Cost Index | DVL cost |
| 2018 | 111300 | 106000 | 1.05 | 106600 |
| 2019 | 152760 | 134000 | 1.14 | 138520 |
| 2020 | 168720 | 140600 | 1.20 | 146440 |
| 2021 | 180000 | 144000 | 1.25 | 150690 |
Working:
| Ending | Ending | Ending | Ending | Ending | ||||||||
| Year Ended | Inventory at | Inventory at | Inventory at | Inventory at | Inventory at | |||||||
| December 31 | Year-End costs | Cost Index | Base-Year costs | Base-Year costs | Cost Index | Converted Cost | DVL cost | |||||
| 2018 | 111300 | ÷ | 1.05 | = | 106000 | Base | 94000 | x | 1.00 | = | 94000 | |
| 2018 | 12000 | x | 1.05 | = | 12600 | 106600 | ||||||
| 2019 | 152760 | ÷ | 1.14 | = | 134000 | Base | 94000 | x | 1.00 | = | 94000 | |
| 2018 | 12000 | x | 1.05 | = | 12600 | |||||||
| 2019 | 28000 | x | 1.14 | = | 31920 | 138520 | ||||||
| 2020 | 168720 | ÷ | 1.20 | = | 140600 | Base | 94000 | x | 1.00 | = | 94000 | |
| 2018 | 12000 | x | 1.05 | = | 12600 | |||||||
| 2019 | 28000 | x | 1.14 | = | 31920 | |||||||
| 2020 | 6600 | x | 1.20 | = | 7920 | 146440 | ||||||
| 2021 | 180000 | ÷ | 1.25 | = | 144000 | Base | 94000 | x | 1.00 | = | 94000 | |
| 2018 | 12000 | x | 1.05 | = | 12600 | |||||||
| 2019 | 28000 | x | 1.14 | = | 31920 | |||||||
| 2020 | 6600 | x | 1.20 | = | 7920 | |||||||
| 2021 | 3400 | x | 1.25 | = | 4250 | 150690 |
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At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that...
At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method....
At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $94,000. The company uses an internally generated cost index to convert ending inventory to base year. Required: Determine the missing amounts in the inventory data for 2018 through 2021. Ending Ending Year Ended Inventory at Inventory at December 31 Year-End costs Base-Year Costs Cost Index 2018 $ 111,300 $ 106,000 1.05 2019 $...
On January 1, 2018 Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one...
On January 1, 2018 Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $335.000. An internally generated cost index is used to convert ending inventory to base year. Year-end Inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2018 2019 2020 2021 Inventory Year-End Costs $428.400 440, 360 495.000 533,360 Cost Index Relative to Base Year) 1.05 1.09 1.10...
P 8-15 Dollar-value LIFO LO8-82 On January 1, 2018, Avondale Lumber adopted the dollar-value LIFO inventory...
P 8-15 Dollar-value LIFO LO8-82 On January 1, 2018, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $260,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows Page 459 Year Ended December 31 Inventory 2018 2019 2020 2021 Year-End Costs $340,000 350,000 400,000 430,000 Cost Index (Relative...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $260,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $340,000 350,000 400,000 430,000 Cost Index (Relative to Base Year) 1.02 1.06 1.07 1.10...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $290,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended Inventory Cost Index December 31 Year-End Costs (Relative to Base Year) 2021 $ 372,300 1.02 2022 383,720 1.06 2023 435,490 1.07 2024 466,950...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inv...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $330,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Cost Index (Relative to Base Year) 1.04 Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $418, 080 429, 840 482,870 520, 240...
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
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 $840,000. The 2018 and 2019 ending inventory valued at year-end costs were $884,000 and $954,000, 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 "Year end cost index" to...
On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory....
On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $21.000 Year-end inventories at year-end costs and cost indexes for its one Inventory pool were as follows: Year Ended Inventory at Year-end Costa Cost Index (Relative to Base Year) 2022 333,760 336.950 Required: Compute inventory amounts at the end of each year using the dollar value...
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $840,000. The 2021 and 2022 ending inventory valued at year-end costs were $884,000 and $954,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.06 for 2022. Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year end cost index" to...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $370,000. Inventory data for 2021 through 2023 are as follows: Date 12/31/2021 12/31/2022 12/31/2023 Ending Inventory at Year-End Costs $417,300 469,800 493,750 Cost Index 1.07 1.16 1.25 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Date Inventory at Year-End Cost Year-End Cost Index...
At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $94,000. The company uses an internally generated cost index to convert ending inventory to base year. Required: Determine the missing amounts in the inventory data for 2018 through 2021. Ending Ending Year Ended Inventory at Inventory at December 31 Year-End costs Base-Year Costs Cost Index 2018 $ 111,300 $ 106,000 1.05 2019 $...
On January 1, 2018 Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $335.000. An internally generated cost index is used to convert ending inventory to base year. Year-end Inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2018 2019 2020 2021 Inventory Year-End Costs $428.400 440, 360 495.000 533,360 Cost Index Relative to Base Year) 1.05 1.09 1.10...
P 8-15 Dollar-value LIFO LO8-82 On January 1, 2018, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $260,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows Page 459 Year Ended December 31 Inventory 2018 2019 2020 2021 Year-End Costs $340,000 350,000 400,000 430,000 Cost Index (Relative...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $260,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $340,000 350,000 400,000 430,000 Cost Index (Relative to Base Year) 1.02 1.06 1.07 1.10...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $330,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Cost Index (Relative to Base Year) 1.04 Year Ended December 31 2021 2022 2023 2024 Inventory Year-End Costs $418, 080 429, 840 482,870 520, 240...
On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $21.000 Year-end inventories at year-end costs and cost indexes for its one Inventory pool were as follows: Year Ended Inventory at Year-end Costa Cost Index (Relative to Base Year) 2022 333,760 336.950 Required: Compute inventory amounts at the end of each year using the dollar value...
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $840,000. The 2021 and 2022 ending inventory valued at year-end costs were $884,000 and $954,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.06 for 2022. Required: Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year end cost index" to...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $370,000. Inventory data for 2021 through 2023 are as follows: Date 12/31/2021 12/31/2022 12/31/2023 Ending Inventory at Year-End Costs $417,300 469,800 493,750 Cost Index 1.07 1.16 1.25 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Date Inventory at Year-End Cost Year-End Cost Index...
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