Computing Ending Inventory using Dollar-Value LIFOOn January 1 of Year 5, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $84,000. The following information is availablefrom Benn's records for Year 5 through Year 8.Year Ending Inventory on a FIFO Basis Price IndexYear 5$99,0001.1Year 6104,4001.2Year 7120,9001.3Year 8120,0001.2RequiredCompute the ending inventory on a dollar-value LIFO basis for Year 5, Year 6, Year 7, and Year 8.Note: Do not round until your final answer. Round your final answer to the nearest whole dollarDollar-value LIFO ending inventory, Year 5 $Dollar-value LIFO ending inventory, Year 6 $Dollar-value LIFO ending inventory, Year 7 $Dollar-value LIFO ending inventory, Year 8 $0000

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Description: Computing Ending Inventory using Dollar-Value LIFOOn January 1 of Year 5, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $8

Dollar value LIFO method: This method is different model for the last-in first layering model. Under…

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Computing Ending Inventory using Dollar-Value LIFO On January 1 of Year 5, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $84,000. The following information is available from Benn's records for Year 5 through Year 8. Year Ending Inventory on a FIFO Basis Price Index Year 5 $99,000 1.1 1.2 104,400 120,900 1.3 120,000 1.2 Year 6 Year 7 Year 8 Required Compute the ending inventory on a dollar-value LIFO basis for Year 5, Year 6, Year 7, and Year 8. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar Dollar-value LIFO ending inventory, Year 5 $ Dollar-value LIFO ending inventory, Year 6 $ Dollar-value LIFO ending inventory, Year 7 $ Dollar-value LIFO ending inventory, Year 8 $ 0 0 0 0

Computing Ending Inventory using Dollar-Value LIFO On January 1 of Year 5, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $84,000. The following information is available from Benn's records for Year 5 through Year 8. Year Ending Inventory on a FIFO Basis Price Index Year 5 $99,000 1.1 1.2 104,400 120,900 1.3 120,000 1.2 Year 6 Year 7 Year 8 Required Compute the ending inventory on a dollar-value LIFO basis for Year 5, Year 6, Year 7, and Year 8. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar Dollar-value LIFO ending inventory, Year 5 $ Dollar-value LIFO ending inventory, Year 6 $ Dollar-value LIFO ending inventory, Year 7 $ Dollar-value LIFO ending inventory, Year 8 $ 0 0 0 0

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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Valuation of Inventory Reddall Company has a fiscal year that ends on December 31. The inventory on hand at the end of the year is valued at a cost of $95,000. The following items were not included in this inventory: 1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,200, freight costs $250. 2. Goods out on consignment to Marlman Company, sales price $4,200, cost of goods $3,000, shipping costs $200. 3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900 (which included $178 freight charges to deliver the goods) and have a cost of $1,230. Goods are in transit. 4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price. 5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190. Required: Determine the cost of the ending inventory that Reddall should report on its December 31 balance sheet.
Subject: accounting
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $3,800 $49,400 Aug. 7 Purchase 19 units at $3,900 74,100 Dec. 11 Purchase 13 units at $4,100 53,300 45 units $176,800 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar).
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Ending Inventory?
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