Compute indexes. (Round price index to 2 decimal places, e.g. 1.62.)201920202021Index1.121.281.30SHOW SOLUTIONLINK TO TEXTX Your answer is incorrect. Try again.Compute the ending inventories under the dollar-value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,300. (Round answers to 0 decimal places, e.g. 5,620.)201920202021Ending Inventories66,20895,40095,400 Problem 8-10Presented below is information related to wildhorse Corporation for the last3 years.Base-Year Cost Current-Year CostQuantitiesin EndingItem Inventories Unit Cost Amount Unit Cost AmountDecember 31, 2019A10,800$2.00 $21,600$2.20 $23,760В6,5003.0019,5003.5523,0754,0005.0020,0005.4021,600Totals $61,100$68,435December 31, 2020A10,800$2.00 $21,600$2.60 $28,0808,6003.0025,8003.7532,2506,5005.0032,5006.4041,600Totals $79,900$101,930December 31, 2021A9,800$2.00 $19,600$2.70 $26,460B9,8003.0029,4004.0039,2006,5005.0032,5006.2040,300Totals $81,500$105,960

E Your answer is incorrect. Try again. Compute the ending inventories under the dollar value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,300. (Round answers to o decimal places, e.g. S,620.) 2019 2020 2021 Ending Inventories 66,208 95,400 95,400

E Your answer is incorrect. Try again. Compute the ending inventories under the dollar value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,300. (Round answers to o decimal places, e.g. S,620.) 2019 2020 2021 Ending Inventories 66,208 95,400 95,400

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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Q9
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he dollar-value LIFO method was adopted by Bramble Corp. on January 1, 2020. Its inventory on that date was $298,300. On December 31, 2020, the inventory at prices existing on that date amounted to $280,000. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. (a) Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.
Required information [The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $43,000 and a cost of $33,210 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $249,510 6,300 4,800 26,500 Retail $470,000 22,000 446,500 8,000 4,500 23,000 22,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $55,080, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 102% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $47,250, the cost-to-retail percentage for…
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
The dollar-value LIFO method was adopted by Splish Corp. on January 1, 2025. Its inventory on that date was $413,600. On December 31, 2025, the inventory at prices existing on that date amounted to $392,000. The price level at January 1, 2025, was 100, and the price level at December 31, 2025, was 112. (a) Your answer is correct. Compute the amount of the inventory at December 31, 2025, under the dollar-value LIFO method. Inventory 12/31/25 under dollar-value LIFO method eTextbook and Media +A 350,000 Attempts: 1 of 4 used
Compute the ending inventory at December 31 of the years 2019-2022.
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Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000). Do not round intermediate numbers and round the final results to the nearest dollar. ABC Co. has the following information in 2020: 2020 Units Unit cost Total Cost Jan 1 Beginning Inventory 22 $56 $1232 Purchases: Mar 28 Purchase 28 63 1764 Aug 22 Purchase 32 72 2304 Oct 14 Purchase 27 78 2106 Goods Available for Sale 109 $7406 Sales: Unit Sales Price Revenue May 1 Sales 38 $100 $3800 Oct 28 Sales 28 $100 $2800 Total Revenue 66 $6600 Required: Calculate the amount of ending inventory and cost of goods sold for ABC Co. under the following assumptions. a. Using the Weighted Average inventory costing methods, assuming the company uses the periodic system; Weight Average Cost per Unit: $ Ending Inventory: $ Cost of Goods Sold $ b. Using the FIFO inventory costing methods, assuming the company uses the periodic system; Ending Inventory: $ Cost of Goods Sold: $ c. Using the FIFO inventory costing…
Duke Boudreau, Inc. decided to adapt Dollar Value LIFO in 2017, the following data represents DB's ending inventory along with the price index for each year: December 31 Price Index 2017 $200,000 2018 $206,000 2019 $250,000 2020 $275,000 2021 $290,000 2022 $300,000 100 102 110 115 120 121 Rounding all calculations to the nearest dollar, calculate Ending Inventory for December 31, 2022 using Dollar Value LIFO
1. The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were shipped to the branch. The account "allowar ce for overvaluation of branch inventory", after adjustment, shows a balance of P25,000 at the end of the year. Compute the amount of ending inventory at: a. Cost and b. Billed Price * Your answer