Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $84,000. The following information is available on its inventories for 2020 through 2022. Year Ending Inventory at December 31 Year-End Conversion Factor* 2020 $95,200 1.10 2021 112,000 1.22 2022 100,800 1.15 *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Dollar-value LIFO ending inventory, 2020 Answer Dollar-value LIFO ending inventory, 2021 Answer Dollar-value LIFO ending inventory, 2022 Answer
Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $84,000. The following information is available on its inventories for 2020 through 2022. Year Ending Inventory at December 31 Year-End Conversion Factor* 2020 $95,200 1.10 2021 112,000 1.22 2022 100,800 1.15 *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Dollar-value LIFO ending inventory, 2020 Answer Dollar-value LIFO ending inventory, 2021 Answer Dollar-value LIFO ending inventory, 2022 Answer
Chapter1: Financial Statements And Business Decisions
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Computing Ending Inventory using Dollar-Value LIFO
On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $84,000. The following information is available on its inventories for 2020 through 2022.
Year |
Ending Inventory at December 31 |
Year-End Conversion Factor* |
|---|---|---|
| 2020 | $95,200 | 1.10 |
| 2021 | 112,000 | 1.22 |
| 2022 | 100,800 | 1.15 |
*Computed as: Current (year-end) price index ÷ Base-year price index
Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022.
Note: Do not round until your final answer. Round your final answer to the nearest whole dollar.
| Dollar-value LIFO ending inventory, 2020 | Answer
|
| Dollar-value LIFO ending inventory, 2021 | Answer
|
| Dollar-value LIFO ending inventory, 2022 | Answer
|
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