Calculate the value of COGS lifo for company Y? Company Y reported FIFO ending inventory of$126,500 and a beginning inventory of $119,200for 2021. Inventory purchases for 2021 were$265,300, and the change in the LIFO reserve for2020 was an increase in the LIFO reserve of $890.Calculate the value of COGS LIFO for Company Yin 2021.

To calculate the COGS under LIFO (COGS LIFO), we follow these steps:Given data:FIFO Beginning…

Answered: Company Y reported FIFO ending…

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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Calculate the value of cogs lifo for company x in 2018
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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.
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:
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Compute the following ratios for 2022 and 2021. Inventory on December 31, 2020, was $330. Assets on December 31, 2020, were $1,910. Stockholders' equity-common on December 31, 2020, was $900. (Round current ratio and inventory turnover to 2 decimal place e.g. 15.25. Round other answers to 1 decimal place, e.g. 15.2 or 15.2%.) (a) (b) Inventory turnover (c) (d) (e) (f) Current ratio (g) Profit margin Return on assets Return on common stockholders' equity Debt to assets ratio Times interest earned 2022 1.67 2 7.73 :1 times % % % % times 2021 1.79 2 4.42 :1 times de % % % % times
Current assets Cash Trading investments Accounts receivable, net Inventory Prepaid expenses Total current assets Total current liabilities Additional information: Type here to search (in thousands) Allowance for doubtful accounts Credit sales $ Cost of goods sold 30 55 671 624 41 $ 1,421 882 $ 2021 $ 50 4.175 2.909 91 60 582 $ 1,311 $ 826 526 52 $ 2020 3.901 2,645 $ 60 40 498 581 $ 29 $ 1.208 756 2019 40 3.733 2.364
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.
Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2019; $119,900 at December 31, 2020; and $134,560 at December 31, 2021. The year-end price indexes were 100 at 12/31/19, 110 at 12/31/20, and 116 at 12/31/21. Compute the ending inventory for Midori Company for 2019 through 2021 using the dollar-value LIFO method.
If the Cost of Sales for Company Z is $912,500 for the 2019 year, and the Days Inventory Held is 25. The value of the Inventory at the end of 2019 is: $ 62,500 $ 36,500 $ 3,042 $ 2,500
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

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Company Y reported FIFO ending inventory of $126,500 and a beginning inventory of $119,200 for 2021. Inventory purchases for 2021 were $265,300, and the change in the LIFO reserve for 2020 was an increase in the LIFO reserve of $890. Calculate the value of COGS LIFO for Company Y in 2021.