Exercise 8-27 (Static) Dollar-value LIFO [LO8-8] 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 $200,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year Ending Inventory at Base End Costs Date 12/31/2024 12/31/2025 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. 12/31/2026 $ 231,000 299,000 300,000 12/31/2027 Year Costs Inventory at Year- End Cost $ 220,000 260,000 250,000 Inventory Layers Converted to Base Year Cost Year-End Cost Index = = = Ending Inventory at Base Year Cost Base Base 2025 Base 2025 2026 Base 2025 2026 2027 Inventory Layers Converted to Cost Ending Inventory at Base Year Cost Year-End Cost Index = = = = = = = Inventory Layers Converted to Cost Inventory DVL Cost $ $ $ $ 0 0 0 0

Exercise 8-27 (Static) Dollar-value LIFO [LO8-8] 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 $200,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year Ending Inventory at Base End Costs Date 12/31/2024 12/31/2025 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. 12/31/2026 $ 231,000 299,000 300,000 12/31/2027 Year Costs Inventory at Year- End Cost $ 220,000 260,000 250,000 Inventory Layers Converted to Base Year Cost Year-End Cost Index = = = Ending Inventory at Base Year Cost Base Base 2025 Base 2025 2026 Base 2025 2026 2027 Inventory Layers Converted to Cost Ending Inventory at Base Year Cost Year-End Cost Index = = = = = = = Inventory Layers Converted to Cost Inventory DVL Cost $ $ $ $ 0 0 0 0

Name: Exercise 8-27 (Static) Dollar-value LIFO [LO8-8]Mercury Company has o
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Description: Exercise 8-27 (Static) Dollar-value LIFO [LO8-8]Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. Theinventory on that date using the dollar-value LIFO method was $200,000. Inv

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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Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2022 Retail 2021 Cost Retail Cost Beginning inventory Purchases $105,400 $170,000 430,000 2,900 6,200 $630,000 $792,000 2,600 6,000 622,000 4,000 Purchase returns 2,450 Freight-in Net markups Net markdowns 8,600 6,400 690,000 14,400 5,300 5,150 4,150 500,000 14,400 1,900 Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.04 1.20 Problem 9-13 (Algo) Part 1 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. X Answer is complete but not entirely correct. 2021 2022 Estimatedending inventory at…
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Date 01/01/2024 12/31/2024 12/31/2025 12/31/2026 12/31/2027 Inventory Layers Converted to Base Year Cost Inventory at Inventory Year-End Layers at Base Cost Year Cost $ 305,000 $ $ 390,660 402,800 $ 457,960 $ 491,700 305,000 398,473 Inventory Layers Converted to Cost Inventory Layers Converted to Cost Inventory Layers at Base Year Cost Base $ 305,000 $ Base $ 305,000 $ 2024 Base 2024 2025 Base 2024 2025 2026 Base 2024 2025 2026 2027 $ $ 305,000 $ 305,000 $ 305,000 305,000 Inventory DVL Cost 305,000 $ 305,000 $ $ $ 305,000 305,000 0 305,000 305,000
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Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1, 8-4] [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,900 units; cost $7.00 each. August 8 Purchased 14,500 units for $6.40 each. Sold 11,600 units for Purchased 8,700 units August 14 $12.90 each. August 18 for $6.00 each. August 25 Sold 10,600 units for $11.90 each. August 28 Purchased 4,900 units for $5.80 each. August 31 Inventory on hand-8,800 units. Exercise 8-14 (Algo) Part 1 Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method. Perpetual FIFO: Beginning Inventory Purchases: August 8 August 18 August 28 Total Cost of Goods Available for Sale…
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! Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 December 31, 2025 2024 2025 Cost Retail Cost Retail $ 165,000 $220,000 690,000 4,500 888,000 5,150 4,800 $ 680,000 2,000 5,600 $ 1,069,000 4,075 6,600 10,600 4,450 7,400 640,000 710,000 1.00 1.25 1.25 21,000 3,800 21,000 2,000 Problem 9-13 (Algo) Part 2 Required: 2. Estimate the 2024 ending inventory and cost of goods sold using the average cost retail method. Note: Round your cost-to-retail percentage to 2 decimal places and round…
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