Dollar-Value LIFOOn January 1, 2015, Sato Company adopted the dollar-value LIFO method of inventorycosting. Sato's ending inventory records appear as follows:Year Current Cost Index2015100120201620172018Year2015$2016 $2017 $$34,90048,78051,090201863,420Required:Compute the ending inventory for the years 2015, 2016, 2017, and 2018, using thedollar-value LIFO method. Do not round your intermediate calculations. If required,round your answers to the nearest dollar.130140Ending inventory34,900

Name: Dollar-Value LIFOOn January 1, 2015, Sato Company adopted the dollar-
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Description: Dollar-Value LIFOOn January 1, 2015, Sato Company adopted the dollar-value LIFO method of inventorycosting. Sato's ending inventory records appear as follows:Year Current Cost Index2015100120201620172018Year2015$2016 $2017 $$34,90048,78051,090201863

LIFO is last in first out method means inventory bought last is sold first.Inventory means the…

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Dollar-Value LIFO On January 1, 2015, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 100 2015 120 2016 2017 2018 $34,900 48,780 2018 51,090 63,420 Required: Compute the ending inventory for the years 2015, 2016, 2017, and 2018, using the dollar-value LIFO method. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. Year Ending inventory 2015 34,900 2016 2017 $ $ $ 130 140

Dollar-Value LIFO On January 1, 2015, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 100 2015 120 2016 2017 2018 $34,900 48,780 2018 51,090 63,420 Required: Compute the ending inventory for the years 2015, 2016, 2017, and 2018, using the dollar-value LIFO method. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. Year Ending inventory 2015 34,900 2016 2017 $ $ $ 130 140

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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Presented below is information related to Blue Company. Date Ending Inventory(End-of-Year Prices) PriceIndex December 31, 2017 $ 77,200 100 December 31, 2018 249,951 221 December 31, 2019 248,472 252 December 31, 2020 280,098 273 December 31, 2021 336,630 294 December 31, 2022 401,685 305 Compute the ending inventory for Blue Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $enter a dollar amount 2018 $enter a dollar amount 2019 $enter a dollar amount 2020 $enter a dollar amount 2021 $enter a dollar amount 2022 $enter a dollar amount
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Dollar-Value LIFO On January 1, 2015, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2015 2016 2017 2018 $39,400 53,700 Feedback 56,680 67,200 Year Ending inventory 2015 $ 39,400✔ 2016 $ 2017 $ 2018 $ Required: Compute the ending inventory for the years 2015, 2016, 2017, and 2018, using the dollar-value LIFO method. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. Date 12/31/15 12/31/16 X Check My Work You should review the calculations for dollar-value LIFO before you begin this exercise. The following partially completed table will help you to organize the information and calculations. 12/31/17 12/31/18 X 100 120 Ending Inventory at Current Costs (given) 130 140 53,700 X Base Year Cost Index Current Year Cost Index 100 120 Inventory Increase at Base-Year Base-Year Costs Costs 39,400 (Decrease) at 44,750 5,350 Relevant Cost Index…
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