Presented below is information related to Kingbird, Inc.End-of-YearInventoryPriceDate(End-of-Year Prices)IndexDecember 31, 2017$ 1,200,000100December 31, 20181,522,500105December 31, 20191,562,000110December 31, 20201,813,500117Compute the ending inventory for Kingbird, Inc. for 2017 through 2020 using the dollar-value LIFO method.Ending Inventory2017201820192020$%24%24

Inventory represents the current asset and reported in the balance sheet of the company.

Answered: End-of-Year Price Inventory…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Dollar-Value UFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data for succeeding years are as follows: Inventory at Respective Price Index Year Year-End Prices (Base Year 2018) 2019 $231,000 1.05 2020 299,000 1.15 2021 300,000 1.20 Required: Cormpute the ending inventory using the dollar-value UFO method for 2019, 2020, and 2021. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. December 31, 2019 $ 221,000 December 31, 2020 269,000 December 31, 2021
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View Policies Current Attempt in Progress The adjusted trial balance of Windsor, Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $20,600, Purchases $152,000, Sales Revenue $188,000, Freight-In $7,700, Sales Returns and Allowances $2,900, Freight-Out $1,000, and Purchase Returns and Allowances $4,800. The ending inventory is $19,000. Prepare a cost of goods sold section on the income statement for the year ending August 31, 2022 (periodic inventory system). Revenues Windsor, Inc. Income Statement - cost of goods sold section (periodic system) For the Year Ended August 31, 2022 $ $ SA $
The following information relates to the Brian Lee Company. Date Date Ending Inventory (End-of-Year Prices) price index December 31, 2021 65600 100 December 31, 2022 118040 130 December 31, 2023 127728 December 31, 2024 143636 December 31, 2025 133765 Use the dollar-value LIFO method to compute the ending inventory for Lee Company for 2021 through 2025. 144 149 155
In 2020, Billy's Seafood reported the following: Inventory, January 1, 2020: $50,000 Purchases in 2020: $450,000 Inventory, December 31, 2020: $ 90,000 Gross profit in 2020: $181,500 What were net sales for Billy's Seafood in 2020? Question 10 options: $631,500 $591,500 $410,000 $500,000
Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. Calculate the days in inventory for 2020, 2021, and 2022:
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On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $60,000. The following information is available on its inventories for 2020 through 2022. Year EndingInventoryat December 31 Year-EndConversionFactor* 2020 $68,000 1.10 2021 80,000 1.22 2022 72,000 1.15 *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Dollar-value LIFO ending inventory, 2020 Answer Dollar-value LIFO ending inventory, 2021 Answer Dollar-value LIFO ending inventory, 2022 Answer Question 2 Not yet answered Marked out of 25.00 Flag question Question text Estimating Inventory Using Gross Profit Method The following data is from Netflicks Company for 2020. Sales revenue $240,000 Beginning inventory 32,000…
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…
Periodic System— Computing Cost of Sales and Gross Profit under FIFO and LIFO The owner of Valley Cycle wants to maximize after-tax cash flows and is considering switching from FIFO. The following data are available for its first quarter of 2020. In addition, sales for the first quarter totaled 374 units, and a physical inventory taken on March 31, 2020, showed 170 units available in inventory. Valley uses the periodic inventory method. Date Units Unit Cost January 1, 2020 (beginning inventory) 102 $180 Purchases: January 15, 2020 136 205 February 12, 2020 170 215 March 19, 2020 136 230 Required a. Which of the following inventory flow methods would we recommend that Valley use to produce the greatest after-tax cash flows: FIFO or LIFO? AnswerLIFOFIFOCollect more data to verify trends b. Prepare a table showing the gross profit and gross profit percentage for each method in part a assuming all units for the quarter were sold for $300 each. Note: Do not use…
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End-of-Year Price Inventory (End-of-Year Prices) Date Index December 31, 2017 $ 1,200,000 100 December 31, 2018 1,522,500 105 December 31, 2019 1,562,000 110 December 31, 2020 1,813,500 117