2) Gander Inc. uses the Dollar Value (DV) LIFO inventory costing method. At December 31, 2023, Gander had the following information: 2023 2023 layer 2022 layer Base (2021) a) b) c) d) 4,000 X 1.20 = $ 4,800 8,000 X 8,960 20,000 X 1.00 = 20,000 Dollar Value LIFO Ending Inventory $33,760 What is the value of ? What is the total inventory at base cost at December 31st, 2023? On December 31, 2024, Gander had total inventory at base cost of $26,000. The DV LIFO Index for 2024 was 1.18. What is the dollar value (DV) LIFO inventory value at December 31, 2024? On December 31, 2025, Gander had total inventory at base cost of $30,000. This inventory had a current cost of $36,600. What is the dollar value (DV) LIFO inventory value at December 31, 2025?

2) Gander Inc. uses the Dollar Value (DV) LIFO inventory costing method. At December 31, 2023, Gander had the following information: 2023 2023 layer 2022 layer Base (2021) a) b) c) d) 4,000 X 1.20 = $ 4,800 8,000 X 8,960 20,000 X 1.00 = 20,000 Dollar Value LIFO Ending Inventory $33,760 What is the value of ? What is the total inventory at base cost at December 31st, 2023? On December 31, 2024, Gander had total inventory at base cost of $26,000. The DV LIFO Index for 2024 was 1.18. What is the dollar value (DV) LIFO inventory value at December 31, 2024? On December 31, 2025, Gander had total inventory at base cost of $30,000. This inventory had a current cost of $36,600. What is the dollar value (DV) LIFO inventory value at December 31, 2025?

Name: 2) Gander Inc. uses the Dollar Value (DV) LIFO inventory costing meth
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Description: 2) Gander Inc. uses the Dollar Value (DV) LIFO inventory costing method. At December 31,2023, Gander had the following information:2023 2023 layer2022 layerBase (2021)a)b)c)d)4,0008,000X20,000 XDollar Value LIFO Ending Inventory $33,760X 1.20A1.00$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales (before employee discounts) Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight in Employee discounts granted Loss from breakage (normal) Cost $158,500 752,100 42,300 11,400 37400 Retail $265.000 1,357,000 75,400 1,243,000 53,600 67,200 15,200 82,200 21,500 10.500 8.800
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TB MC Qu. 8-111 (Static) A company has the following information available... A company has the following information available that was used to report inventory using the dollar-value LIFO method. Year 12/31/2023 12/31/2024 Year-End Cost $ 250,000 259,000 Cost Index 1.00 1.06 For the year ended 12/31/2024, the company reported inventory of $274,540 (= $259,000 x 1.06). Which of the following statements is correct? Multiple Choice The amount reported for ending inventory should be calculated as $250,000 + ($9,000 ÷ 1.06). The amount reported for ending inventory should be calculated as $259,000+ 1.06. The amount reported for ending inventory is correct. Proy 16 of 16 HH Ch Next
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Sunland Corporation had the following items in inventory as at December 31, 2023: Item No. A1 84 C2 D3 (a) Quantity 4 120 110 190 120 Inventory 1 Unit Cost $3.20 Inventory 1.70 8.50 7.50 Your answer is partially correct. Assume that Sunland uses a periodic inventory system, and that none of the inventory items can be grouped together for accounti purposes. The opening inventory on January 1, 2023, was $3,200 in total. Account Titles and Explanation Allowance to Reduce Inventory to NRV NRV $3.80 1.10 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) 10.30 7.10 (To transfer out beginning inventory balance) Allowance to Reduce Inventory to NRV (To record ending inventory at…
Presented below is information related to Splish Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 Date 2024 2025 2026 2027 $ $ $ $ $ Ending Inventory (End-of-Year Prices) $ $83,600 117,832 Compute the ending inventory for Splish Company for 2022 through 2027 using the dollar-value LIFO method. 116,501 131,709 157,765 190,224 Ending Inventory 83,600 207,802 Price Index 100 100 104 119 129 139 144
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2. The following information is obtained from Lynbrook's inventory records. Based on your recommendation, Lynbrook uses the dollar-value LIFO retail method. 2021 2022 2023 Cost Retail Cost Retail Cost Retail Purchases $ 200,000 $ 420,000 $ 250,000 $ 550,000 $ 240,000 $ 500,000 Net additional markups Net markdowns 20,000 30,000 10,000 10,000 40,000 20,000 Sales 400,000 600,000 450,000 Lynbrook adopted LIFO on January 1, 2021, when the cost and retail values of the inventory were $50,000 and $100,000, respectively. The company experienced the following price indexes: January 1, 2021 December 31, 2021 100 December 31, 2022 115 108 December 31, 2023 120 Required: Compute the cost of the ending inventory for 2021 and 2022. (round the cost-to-retail ratio to 3 decimal places) Reminder: Continue using proper excel formulas in your solution.
answer in text form please (without image), Note: .Every entry should have narration please
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