(b1) Calculate the price index for 2025. Assume that the December 2, 2025, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 4 decimal places, e.g. 2.7653.) Price index (b2) 1.5 Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2025, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to O decimal places, e.g. 2,760.) Ending inventory at dollar-value LIFO $
(b1) Calculate the price index for 2025. Assume that the December 2, 2025, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 4 decimal places, e.g. 2.7653.) Price index (b2) 1.5 Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2025, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to O decimal places, e.g. 2,760.) Ending inventory at dollar-value LIFO $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:(b1)
Calculate the price index for 2025. Assume that the December 2, 2025, purchase cost is the current cost of inventory. (Hint: The
beginning inventory is the base layer priced at $24 per unit.) (Round answer to 4 decimal places, e.g. 2.7653.)
Price index
(b2)
1.5
Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2025, purchase cost is the current cost of
inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to O decimal places, e.g. 2,760.)
Ending inventory at dollar-value LIFO $
Transcribed Image Text:Sheffield Corporation began operations on December 1, 2024. The only inventory transaction in 2024 was the purchase of inventory
on December 10, 2024, at a cost of $24 per unit. None of this inventory was sold in 2024. Relevant information is as follows.
Ending inventory units
December 31, 2024
December 31, 2025, by purchase date
December 2, 2025
July 20, 2025
190
190
50
240
During the year, the following purchases and sales were made.
Purchases
Sales
March 15
390 units at $29
April 10
290
July 20
390 units at 30
August 20
390
September 4
290 units at
34
November 18
240
December 2
190 units
at
36
December 12
290
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