On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided thefollowing information:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesRetail price index, end of yearCost$50,400201,840During 2022, purchases at cost and retail were $248,655 and $452,100, respectively. Net markups, net markdowns, and net sales forthe year were $3,000, $4,000, and $360,000, respectively. The retail price index at the end of 2022 was 1.06.Ending inventoryRetail$ 84,000350,00010,00012,000327,0001.04Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearestwhole dollar. Round ratio calculation to the nearest whole percent.)$ 175,100

Name: On January 1, 2021, Sanderson Variety Store adopted the dollar-value
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Description: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided thefollowing information:Beginning inventoryNet purchasesNet markupsNet markdownsNet salesRetail price index, end of yearC

LIFO (Last In- First Out) is a method of inventory valuation which records the most recently…

Business

Accounting

Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) Ending inventory $ 175,100 X

Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your intermediate calculations to the nearest whole dollar. Round ratio calculation to the nearest whole percent.) Ending inventory $ 175,100 X

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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A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $120,000 Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2024 2025 2026 2027 Date Required: Calculate inventory amounts at the end of each year Note: Round intermediate calculations and final answers to the nearest whole dollars. 01/01/2024 12/31/2024 12/31/2025 12/31/2026 Ending Inventory at Cost Index (Relative to Year-End Costs Base Year) $ 198,000 261,800 243,600 240,800 12/31/2027 Inventory Layers Converted to Base Year Cost Inventory at Year End Cost Inventory Layers at Base Year Cost Inventory Layers Converted to Cost Inventory Layers Converted to Cost Base Base 2024 Base 2024 2025 Base 1.10 1.19 1.16 1.12 2024 2025 2026 Base 2024 2025 2026 2027 Inventory Layers at Base Year Cost Inventory DVL…
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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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