Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the invento...
Canova Corporation adopted the dollar-value LIFO retail method
on January 1, 2021. On that date, the cost of the inventory on hand
was $18,000 and its retail value was $24,000. Information for 2021
and 2022 is as follows:
| Ending Inventory at Retail |
Retail Price Index |
Cost-to-Retail Percentage |
||||||
| Date | ||||||||
| 12/31/2021 | $ | 39,000 | 1.30 | 77 | % | |||
| 12/31/2022 | $ | 50,000 | 1.60 | 80 | % | |||
Required: Calculate the inventory value at the end
of 2021 and 2022 using the dollar-value LIFO retail method.
Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.)
|
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Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the invento...
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the...
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $21,000 and its retail value was $30,000. Information for 2021 and 2022 is as follows: Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $21,000 and its retail value was $30,000. Information for 2021 and 2022 is as follows: Ending Inventory at Retail...
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the...
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $32,000 and its retail value was $40,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $52,000 $58,500 Retail Price Index 1.25 1.30 Cost-to-Retail Percentage 84% 85% Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021...
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 $400.000. Inventory data for 2021 through 2023 are as follows: Ending Inventor Date at Year-End Costs Cost Index 12/31/2021 $441,000 1.05 12/31/2022 487,200 1.12 12/31/2023 510,000 1.20 Required: Calculate Taylor's ending inventory for 2021 2022 and 2023
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 $400,000. Inventory data for 2021 through 2023 are as follows: UFO iny 2012 DE P 8-13 Dollar-value LIFO . 108-8 Ending Inventory at Year-End Costs Date suming the 12/31/2021 12/31/2022 12/31/2023 $441,000 487,200 510,000 Cost Index 1.05 1.12 1 .20 1 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
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, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning inventory $ 39,200 $ 56,000 Net purchases 92,600 116,000 $ 104,166 $ 128,400 Freight-in 2,800 3,300 Net markups 14,000 9,600 Net markdowns 2,800 3,000 Net sales to customers 113,355 117,120 Sales to employees (net of 20% discount) 3,300 5,280 Price Index: January...
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...
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following...
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 81,400 $140,000 101,200 261,000 6,000 14.000 233,000 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Ending inventory at retail Ending inventory at cost Cost of goods sold
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $46,200 $ 66,000 97,350 121,000 $111,998 $137,900 3,300 3,800 16,500 10,600 3,300...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $28,000 $ 40,000 85,000 108,000 $90,000 $114,000 2,000 2,500 10,000 8,000 2,000...
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $32,000 and its retail value was $40,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $52,000 $58,500 Retail Price Index 1.25 1.30 Cost-to-Retail Percentage 84% 85% Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021...
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 $400.000. Inventory data for 2021 through 2023 are as follows: Ending Inventor Date at Year-End Costs Cost Index 12/31/2021 $441,000 1.05 12/31/2022 487,200 1.12 12/31/2023 510,000 1.20 Required: Calculate Taylor's ending inventory for 2021 2022 and 2023
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 $400,000. Inventory data for 2021 through 2023 are as follows: UFO iny 2012 DE P 8-13 Dollar-value LIFO . 108-8 Ending Inventory at Year-End Costs Date suming the 12/31/2021 12/31/2022 12/31/2023 $441,000 487,200 510,000 Cost Index 1.05 1.12 1 .20 1 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
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...
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 81,400 $140,000 101,200 261,000 6,000 14.000 233,000 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Ending inventory at retail Ending inventory at cost Cost of goods sold
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $46,200 $ 66,000 97,350 121,000 $111,998 $137,900 3,300 3,800 16,500 10,600 3,300...
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $28,000 $ 40,000 85,000 108,000 $90,000 $114,000 2,000 2,500 10,000 8,000 2,000...
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