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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Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1: Inventory, December 31, 2014 For the year 2015: Purchase, March 21 Purchase, August 1 Inventory, December 31, 2015 Ending inventory Cost of goods sold Units Unit Cost 1,820 $4 FIFO 5,010 2,880 4,120 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) 6 LIFO Average Cost
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UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
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…
View Policies Current Attempt in Progress Whispering Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,879 at both cost and market value. At Decembe 31, 2025, the inventory was $287,291 at cost and $270,300 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) List of Accounts Save for Later O Search Debit co DELL Attempts: 0 of 15 used M Credit 1 Submit Answer
Kingbird Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Kingbird's records. Price Ending Inventory Date Index at Base Prices Ending Inventory at Dollar-Value LIFO December 31, 2025 105 $92,700 $86,600 December 31, 2026 ? 97,700 92,150 Calculate the index used for 2026 that yielded the above results. Index used for 2026