Compute the ending inventory at December 31 of the years 2019-2022. Current Attempt in ProgressYour answer is incorrect.Pronghorn Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had acost of $ 57,000 and a retail price of $ 100,000. The following information is available.Year-EndCurrent YearYear EndInventory at RetailCost-Retail % Price Index2019$ 121.98060%1072020137,50061%1102021116,28062%1142022167,50059%125The price index at January 1, 2019, is 100.Compute the ending inventory at December 31 of the years 2019-2022. (Round ratios for computational purposes to O decimal places, eg.78% and final answers to O decimal places, eg. 28,987.)2019202020212022Ending%24inventory%24eTextbook and MediaAttempts: unlimitedSubmit AnswerSave for Later%24

12/31/19 Inventory at year end prices = $121,980 Relevant Price Index at year end (base date 1…

Current Attempt in Progress Your answer is incorrect. Pronghorn Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $ 57,000 and aretail price of $ 100,000. The following information is available. Year-End Current Year Cost-Retail % Price Index Year End Inventory at Retail 2019 $ 121,980 60% 107 2020 137,500 61% 110 2021 116,280 62% 114 2022 167,500 59% 125 The price index at January 1, 2019, is 100. Compute the ending inventory at December 31 of the years 2019-2022. (Round ratios for computational purposes to O decimal places, es. 78% and final answers to O decimal places, es 28,987.) 2019 2020 2021 2022 Ending %24 inventory %24 eTextbook and Media Attempts: unlimited Submit Answer Save for Later

Current Attempt in Progress Your answer is incorrect. Pronghorn Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time the inventory had a cost of $ 57,000 and aretail price of $ 100,000. The following information is available. Year-End Current Year Cost-Retail % Price Index Year End Inventory at Retail 2019 $ 121,980 60% 107 2020 137,500 61% 110 2021 116,280 62% 114 2022 167,500 59% 125 The price index at January 1, 2019, is 100. Compute the ending inventory at December 31 of the years 2019-2022. (Round ratios for computational purposes to O decimal places, es. 78% and final answers to O decimal places, es 28,987.) 2019 2020 2021 2022 Ending %24 inventory %24 eTextbook and Media Attempts: unlimited Submit Answer Save for Later

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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Your company had the following chronological inventory transactions during 2019 and 2020: 2019 Beginning Inventory 20 units cost = $20.00 per unit Purchased 80 units cost = $21.00 per unit Sold 77 units selling price = $45.00 per unit Purchased 60 units cost = $21.60 per unit Sold 61 units selling price = $46.00 per unit Purchased 15 units cost = $22.00 per unit Ending Inventory 37 units 2020 Beginning Inventory 37 units ending inventory from 2019 Purchased 90 units cost = $22.40 per unit Sold 86 units selling price = $47.00 per unit Purchased 72 units cost = $23.00 per unit 74 units Sold selling price = $48.00 per unit Ending Inventory 39 units INSTRUCTIONS: A. Calculate the value of Ending Inventory which would appear on the balance sheet for EACH year using each of the following methods. Please show your work for the 37 units of 2019 and your work for the 39 units of 2020. Round all costs per unit to two decimals and show your final answer to the nearest penny. 1. Periodic FIFO for…
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