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

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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.
A company adopted dollar - value LIFO on January 1, 2024, when the inventory value was $367,000 and the cost index was 1.35. On December 31, 2024, the inventory was valued at year-end cost of $402,000 and the cost index was 1.40. The company would report a LIFO inventory of: Note: Round your final answer to the nearest whole dollar amount.
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:
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
During 2021, Sheridan Company purchased $4100000 of inventory. The cost of goods sold for 2021 was $4049000 and the ending inventory at December 31, 2021, was $410000. What was the inventory turnover for 2021? a. 9.9. b. 10.5. c. 11.3. d. 9.4.
Presented below is information related to Kingbird, Inc. End-of-Year Inventory Price Date (End-of-Year Prices) Index December 31, 2017 $ 1,200,000 100 December 31, 2018 1,522,500 105 December 31, 2019 1,562,000 110 December 31, 2020 1,813,500 117 Compute the ending inventory for Kingbird, Inc. for 2017 through 2020 using the dollar-value LIFO method. Ending Inventory 2017 2018 2019 2020 $ %24 %24
The following information is from Durden Company currently using FIFO: Year ended Ending inventory Price index at year-end prices 2019 $ 80,000 1.0 2020 $ 85,000 1.2 2021 $120,000 1.3 What is the dollar value LIFO for the end of year 2021? $98,751 $103,000 $94,500 $92,308
Whispering Company had ending inventory at end-of-year prices of $104,000 at December 31, 2019; $124,696 at December 31, 2020; and $139,800 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 Whispering Company for 2019 through 2021 using the dollar-value LIFO method. 2019 2020 2021 Ending Inventory $ $ $
On January 1, 2018, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $310,000. Inventory data for 2018 through 2020 are as follows: Date Ending Inventoryat Year-End Costs Cost Index 12/31/2018 $339,900 1.03 12/31/2019 382,950 1.11 12/31/20 398,650 1.19 Compute: Compute Taylor's ending inventory for 2018, 2019, and 2020.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

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.