Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1103000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date   Inventory at Current Prices   Current Price Index December 31, 2020     $1283000     107 December 31, 2021       1443000     125 December 31, 2022       1630000     130 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.) A.)$1199065. B.)$1151400. C.)$1157998. D.)$1154400.

Q: Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years.…

A: Workings: Ending Inventory at base prices = $ 97000 - 92000…

Q: What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO?

A: if the inventory valuation is as per LIFO basis then the latest stock will sold out first and…

Q: The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that…

A: ENDING INVENTORY USING DOLLAR - VALUE LIFO METHOD : = INVENTORY LEVEL / PRICE LEVEL

Q: On January 2020, Roel Corp. Has th following inventory…

A: Inventory valuation method: First in First out Last in First out Weighted average method In the…

Q: Uki Company had the following transactions for inventory during 2020:   Units Unit Cost Unit…

A:

Q: Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value…

A:

Q: On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's…

A: Last-in, first-out (LIFO) is a strategy used to represent stock that records the most as of late…

Q: Sandhill Corporation adopted the dollar-value LIFO method of inventory valuation on December 31,…

A: LIFO stands for Last In first out. Using LIFO, the newer inventory is sold at first and older…

Q: Whispering Company had ending inventory at end-of-year prices of $104,000 at December 31, 2019;…

A: Year Inventory at end of year prices Price index Inventory at base year prices Change from Prior…

Q: On January 2020, Roel Corp. Has th following inventory…

A: FIFO method says that first in first out method in which inventories purchased first will be sold…

Q: Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: As per LCNRV rule, inventory has to be valued at Lower of Cost or Net Realisable Value Net…

Q: Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years…

A: LIFO Method:   It is a method of inventory valuation where the inventory purchased last will be sold…

Q: The following information relates to the George Robinson Company. Ending Inventory Price Date…

A: To compute the ending inventory for Robinson Company using the dollar-value LIFO method, we'll need…

Q: The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that…

A: Inventory under dollar-value LIFO method will be value of inventory purchased first.

Q: Whispering, Inc, uses the dollar-value LIFO method of computing its inventory. Data for the past 3…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: mpany P has the following inventory information: Date cember 31, 2021 cember 31, 2022 B. $112,884 C.…

A: LIFO stands for Last In First Out.  Dollar value LIFO method is method of inventory valuation where…

Q: On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A:

Q: Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2019; $119,900…

A: Base year prices = Ending inventory / year-end price indexe 2019 = $100,000 / 1.0 = $100,000 2020 =…

Q: On January 1, 2018, the Taylor Company adopted the dollar-value LIFO method. The inventory value for…

A: 1. Find the value of inventory at the current cost 2.  Convert it to base year cost 3. Then apply…

Q: The following information relates to the Brian Lee Company.

A: Ending inventory is an important component of a company's balance sheet, and precise value is…

Q: iegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Solution: The net Realizable value of each item should be calculated as follows: Product…

Q: Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019.…

A: Dollar value LIFO method: Under this method cost of inventory is covered under layering concept. In…

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO: Under this method, merchandise purchased last were used initially for sale or production…

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO -  LIFO method uses inventory that is purchased last. The LIFO method is used for perishable…

Q: 17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750…

A: Date Units Amount January     2 5750 P7500 7 5100 5850 15 7600 6300 25 6600 4950 Total…

Q: Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019;…

A: Dollar Value LIFO Method Date Inventory at the end of the year Price Index Inventory at base year…

Q: Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019.…

A:

Q: Cameron Corp. uses the dollar-value-LIFO (DVL) inventory costing method. 2020 is the base year.…

A: Inventory is the current asset reported under the head current assets in the balance sheet of the…

Q: Waterway, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3…

A: Year Inventory at end of year prices Price index Inventory at base year prices Change from…

Q: Sheffield Company began operations on January 1, 2018, and uses the average-cost method of pricing…

A: (a)  Prepare the journal entry necessary to record a change from the average cost method to the FIFO…

Q: On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's…

A: Inventory refers to the stock that the company held for resale purposes or is not sold in the…

Q: Sunland Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019.…

A: LIFO is the last in the first method inventory valuation method that is purchased last in the…

Q: Patel Company adopted the dollar-value inventory method on 12/31 / 20 . Inventory data are as…

A: calculation of inventory using dollar-life value method : date inventory at the year end price…

Q: (b) Determine net income to be reported for 2018, 2019, and 2020, after giving effect to the change…

A: Given Information:

Q: Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018.…

A: Lets understand the basics. When there is change in closing stock valuation policy from onw method…

Q: Crane Company adopted the dollar-value LIFO inventory method on December 31, 2020. Crane's entire…

A: A dollar value LIFO (last in first out) method is a method of inventory estimation. Under this…

Q: On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this…

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value…

A: LIFO stands for Last in first out. Using LIFO, the newer inventory is sold out and older inventory…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.