Calculate the value of cogs lifo for company x in 2018 Company X reported FIFO ending inventory of$114,000 and a beginning inventory of $110,000for 2018. Inventory purchases for 2018 were$237,500 and the change in the LIFO reserve for2017 was an increase in the light for the reserveof $675.Calculate the value of COGS LIFO for company X in2018.

Step 1: Define COGSCOGS, or the cost of goods sold, refers to the funds a business spends on getting…

Answered: Company X reported FIFO ending…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Calculate the value of COGS lifo for company Y?
Value of COGS LiFo for company y in 2021
cost accounting
Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was $1,540,000. The inventory at the end of 2029 was $376,000 and at the beg of 2019 the inventory was $416,000. Company C's inventory turnover during 2019 was closest to: A. 3.99 B. 3.89 C. 3.84 D. 3.79
The January 28, 2020 (fiscal year 2019) financial statements of Firm C reported the following information: FY2019 FY2018 Revenues $2,839,702 $2,314,449 Cost of sales $2,042,600 $1,860,000 Inventories, net 520,000 540,000 LIFO reserve 8,000 6,000 If Firm C had used the FIFO method of inventory costing, the FY2019 inventory turnover ratio would have been: (Round your answer to two decimal places. For example, if your answer is 6.3276, type in “6.33")
The following information was available for Concord Company at December 31, 2020: beginning inventory $163000; ending inventory $117000; cost of goods sold $1330000; and sales $1360000. Concord's inventory turnover in 2020 was O 9.5 times. O 9.7 times. O 11.4 times. O 8.2 times.
The following information is available for Grace Company for 2020: Disbursements for purchases P1,050,000; Increase in trade accounts payable 75,000; Decrease in merchandise inventory 30,000; Costs of goods sold for 2010 was P1,155,000. P1,095,000. P945,000.
On December 31, 2018, Inventory for Company X was $30,000. On December 31, 2019 the Inventory amount was $15,000. During 2019, the change in Inventory represented: A $15,000 Operating Outflow. A $15,000 Operating Inflow. A $45,000 Operating Inflow. A $45,000 Operating Outflow.
A company adopted dollar-value LIFO on January 1, 2020, when the inventory value was $365,000 and the cost index was 1.45. On December 31, 2020, the inventory was valued at year-end cost of $400,000 and the cost index was 1.50. The company would report a LIFO inventory of:
The 2020 financial statements of Crane Company reported a beginning inventory of $79000, an ending inventory of $119000, and cost of goods sold of $683100 for the year. Crane’s inventory turnover for 2020 is 8.6 times. 5.7 times. 6.9 times. 4.7 times.
On January 1, 2019, the Ulton Company had an inventory of $200,000 when it adopted dollar-value LIFO. The purchases for the year were $1,200,000, with sales of $2,000,000. The year-end inventory on December 31 was $286,720, with a price index of 112. The Ulton Company's ending inventory was
Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019; $129.492 at December 31, 2020; and $145,200 at December 31, 2021. The year-end price indexes were 100 at 12/31/19,110 at 12/31/20, and 120 at 12/31/21. Compute the ending inventory for Sunland Company for 2019 through 2021 using the dollar-value LIFO method. 2019 2020 2021 Ending Inventory %24 24 24

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Company X reported FIFO ending inventory of $114,000 and a beginning inventory of $110,000 for 2018. Inventory purchases for 2018 were $237,500 and the change in the LIFO reserve for 2017 was an increase in the light for the reserve of $675. Calculate the value of COGS LIFO for company X in 2018.