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: Elster Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2007. Its…

A: Date Inventory Amount $ Cost of ending inventory CPI Dec 31 , 2017 220000   100 Dec 31…

Q: Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is…

A: Ending inventory refers to the value of stock lying with the entity at the end of the reporting…

Q: On December 31, 2020, Jen & Mink Clothing (J&M) performed the inventory count and determined the…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

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

A: The inventory can be valued using various methods as FIFO, LIFO and average method. LIFO methods…

Q: Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021.…

A: FIFO (First-In, First-Out) and average cost method are two common inventory valuation methods used…

Q: Which of the following is not considered insurable eamings and therefore not reported in block 158…

A: Retiring allowance: A retiring allowance is a lump-sum payment made to an employee upon retirement…

Q: Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from…

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

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

A: Lets understand the basics. As per IAS 2 "Inventories", inventory should be recorded at lower of…

Q: Whispering Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At…

A: DVL stands for dollar value LIFO method. LIFO stands for Last In first out. Using LIFO, the newer…

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: Concord Industries had the following inventory transactions occur during 2020: Units Cost/unit $50…

A: Lets understand the basics. There are various methods are followed for the valuation of inventory…

Q: What is the internal price index? What is the dollar-value LIFO inventory?

A: LIFO is the Last in first out inventory method in which inventory purchased last will be sold first.…

Q: At the beginning of 2021, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: Naylor, Inc. uses a perpetual inventory system. It records its inventory at lower-of-cost-or-net…

A: Lower of Cost or Net Realizable Value (NRV) Method: This is a method of recording ending inventory…

Q: Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price…

A: LIFO is last in first out method of inventory valuation in which inventories which are purchased at…

Q: December 10, 2024, at a cost of $21 per unit. Non of this inventory was so Ending inventory units…

A: Price indexA price index (PI) is a measure that states how the prices change over a period of time…

Q: ane Company started operations on January 1, 2020, and has used the FIFO method of inventory…

A: The net income of the business that remains after the necessary dividends are distributed to…

Q: Nash Company uses the LCM method, on an individual-item basis, in pricing its inventory items…

A: Lower of cost or market is an approach to valuation of inventory. The concept of lower of cost and…

Q: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…

A: The inventory valuation is very important, the inventory is generally shown at cost at the balance…

Q: Splish Company began operations in 2019 and determined its ending inventory at cost and at…

A: Cost of inventory at 31 Dec 2019 $378,170 Less: Lower of cost or Market at 31 Dec 2019 $358,260…

Q: Compute the inventory amounts at December 31, 2019, 2020, and 2021 using the dollar-value LIFO…

A: Computation of inventory values at December 31st 2019,2020,2021 are shown below :

Q: Presented below is information related to Splish Company. Price Ending Inventory (End-of-Year…

A: Last-in, First-out method, also known as LIFO, is the method used for inventory valuation. This…

Q: A company has the following information available that was used to report inventory using the…

A: Most of ending inventory is to be reported at cost index 1.06

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: please explain your answer

A: Stellar Corporation: Dollar-Value LIFO Inventory CalculationsYear-End Inventory at LIFO Cost: We'll…

Q: During 2020, Bonita Company changed from FIFO to weighted-average inventory pricing. Pretax income…

A: In industries where there is a substantial danger of obsolescence, the weighted average might be…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO…

Q: Compute the ending inventory under the dollar-value LIFO method at December 31, 2026. The…

A: As per LIFO method, records the most recently produced items as sold first.LIFO means. last in first…

Q: Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted…

A: Dollar Value LIFO Method: It is a method in accounting, where the inventory is valued as per the…

Q: Splish Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at…

A: (a)   DateAccount Titles and Explanations Debit   (in $ )  Credit (in $ )     12/31/2020Cost of…

Q: Compute the ending inventory using the dollar value LIF0 method for 2019, 2020, and 2021. Do not…

A: Inventory valuation refers to the methods used by the company to determine the value of its…

Q: Metlock Company began operations in 2019 and determined its ending inventory at cost and at…

A: ACCOUNTING STANDARDS - 2   Objective of this standard is to formulate the method of computation of…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO…

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

A: a.

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. dollar value…

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…

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.