Emily makes one product. Diana adopted the dollar-value LIFO inventory method on 12-31-12. Her endinginventory at 12-31-12 was $27,000. Additional inventory data follows:Cost of goodsPrice indexInventory atmanufacturedyear-end pricesduring the(base year 2012)Yearyear$150,000$165,000$165,000$170,000$175,000$185,0002013$28,420$29,580$29,640$29,820$31,650$32,0121.0151.0201.0402014201520161.0501.055201720181.060Compute the inventory at December 31, 2013, 2014, 2015, 2016, 2017 and 2018 AND the cost of goods sold for each yearassuming Diane uses the dollar-value LIFO method for each year.

Dollar-value LIFO is a technique of accounting utilized for stock that pursues the reward in…

Answered: Emily makes one product. Diana adopted…

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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ABC has beginning inventory for the year of $18,000. During the year, ABC purchases inventory for $230,000 and has cost of goods sold equal to $233,000. ABC's ending inventory equals: Numeric Response:?????????????????????
Jackson Company adopted Dollar Value LIFO (DVL) on January 1, 2012 for its one inventory pool. The inventory's value on this date was $500,000. The 2012, 2013 and 2014 ending inventory valued at year-end costs (Dec. 31st) were $556,500, $596,200, and $604,900 respectively. The appropriate cost indices at year end are 1.05 for 2012, 1.10 for 2013 and 1.15 for 2014.a. Determine the ending inventory value to be reported on Jackson's balance sheet at December 31, 2014 using DVL. $ [blank_1] QUESTION 6 USING THE INFORMATION PRESENTED IN #5 ABOVE, ANSWER THE FOLLOWING: If Purchases during 2014 were $1,150,000, determine COGS for the year ended December 31, 2014: $ [blank_2
For the wholesale division, Devin uses the dollar value LIFO method of inventory. The base year established for LIFO is 2014. The inventory at the end of 2014 was calculated as $1,040,500. For the next 3 years you have the following information: 2015 2016 2017 Ending inventory counted at cost 1,085,000 1,091,000 1,398,000 Price level increase from 2014 3% 5% 10 % Net Purchases $2,935,000 Net Sales $5,456,000 Required for the retail division: 1. Calculate the ending inventory to be reported on the balance sheet for each of the three years. 2. Calculate the cost of goods sold and the gross margin for 2016.
Precision Company uses the perpetual inventory method. It has provided the following inventory information for the month of May 2014: May 1 On hand, 20 units @ $25.00 each May 8 Purchased 100 units @ $34.60 each May 15 Sold 90 units @ $120.00 each May 24 Purchased 75 units @ $40.00 each May 29 Sold 65 units @ $130.00 each Determine Precision Company’s Cost of Ending Inventory for May 2014 using Weighted Average method. answer is :1520 explain how to get to this number
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
Patel Company adopted the dollar-value inventory method on 12/31 / 20 . Inventory data are as follows: Inventory Price Year at Yr End Index 2020 5,785 1.00 2021 9,2501.23 202211,225 1.36 20238,575 1.25 2024 16,425 1.40 Instructions : Calculate the inventory for must show your work . 20, 2021, 2022, 20 and 2024.
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
I have been over the perpetual inventory using weighted average and I still can't seem to grasp the concept of how to do it.
Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $215,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year-End Costs $ 262,500 350,750 354,000 Ending Inventory at Base Year Costs $ 250,000 305,000 295,000 Required: Compute the inventory at December 31, 2025, 2026, and 2027, using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory at Date Year-End Cost Year-End Cost Index 12/31/2024 12/31/2025 12/31/2026 = Inventory DVL Cost Ending Inventory at Base Year Ending Inventory at Base Year Year-End Cost Index Cost Cost Inventory Layers Converted to Cost Base $ ° Base 2025 $ 0 Base 2025)
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

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