Flint Corporation began operations on January 1, 2025, with a beginning inventory of $30,360 at cost and $50,600 at retail. Thefollowing information relates to 2025.Net purchases ($108,290 at cost)Net markupsNet markdownsSales revenueRetail$149,60010,0004,900128,300*Assume instead that Flint decides to adopt the dollar-value LIFO retail method. The appropriate price indexes are 100 at January1 and 110 at December 31. Compute the ending inventory to be reported in the balance sheet. (Round ratios for computationalpurposes to 2 decimal places, e.g. 78.72% and final answer to 0 decimal places, e.g. 28,987.)Ending inventory using the dollar-value LIFO retail method $1

Name: Flint Corporation began operations on January 1, 2025, with a beginni
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Description: Flint Corporation began operations on January 1, 2025, with a beginning inventory of $30,360 at cost and $50,600 at retail. Thefollowing information relates to 2025.Net purchases ($108,290 at cost)Net markupsNet markdownsSales revenueRetail$149,6001

Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

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Accounting

Flint Corporation began operations on January 1, 2025, with a beginning inventory of following information relates to 2025. Net purchases ($108,290 at cost) Net markups Net markdowns Retail $149,600 10,000 4.900

Flint Corporation began operations on January 1, 2025, with a beginning inventory of following information relates to 2025. Net purchases ($108,290 at cost) Net markups Net markdowns Retail $149,600 10,000 4.900

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015. The following information about the inventory at the end of each year is available from Olsons records: Required: 1. Calculate the dollar-value LIFO inventory at the end of each year. 2. Prepare the appropriate disclosures for the 2021 annual report if Olson uses current cost internally and LIFO for financial reporting.
Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of 300,000 and 270,000 in 2019 and 2018, respectively. Fava reported expenses (excluding income tax expense) of 125,000 and 120,000 in 2019 and 2018, which included cost of goods sold of 55,000 and 45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by 8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: 1. Prepare the journal entry to reflect the change. 2. At the end of 2019, prepare the comparative income statements for 2019 and 2018. Notes to the financial statements are not necessary. 3. At the end of 2019, prepare the comparative retained earnings statements for 2019 and 2018.
On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2024 Cost $ 72,420 107, 100 Ending inventory at retail Ending inventory at cost Cost of goods sold Retail $ 142,000 264,000 6,000 15,000 229,000 1.05 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations.
Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Cost Retail Merchandise inventory, January 1, 2024 $ 326,910 $ 510,000 Net purchases 672,212 1,021,000 Net markups 14,100 Net markdowns 4,100 Net sales 655,500 Pertinent retail price indexes: January 1, 2024 1.00 December 31, 2024 1.10 Required: Estimate the ending inventory for December 31, 2024
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2021 Cost Retail $ 71,280 $ 132,000 112,500 255,000 6,000 11,000 232,000 1.04 Required: Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.) Ending inventory at retail Ending inventory at cost Cost of goods sold
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Crane Company adopted the dollar-value LIFO method on January 1, 2025 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. At Base-Year At Current-Year Inventory Cost Cost 1/1/25 $190,700 $190,700 12/31/25 251,800 276,980 12/31/26 256,100 286,832 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2026? Price index Dollar-value LIFO inventory A December 31, 2026
sweet Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of$63,000 and a retail price of $100,000. The following information is available.Year-EndInventory at Retail Current YearCost-Retail% Year-EndPrice Index2024 $127.200 60% 1062025 144.480 63% 1122026 133.400 64% 1152027 152,500 61% 125 The price index at January 1, 2024, is 100.Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to O decimal places, eg.78% and final answers to O decimal places, eg. 28,987.)2024 2025 2026 2027Ending inventory avoid images in solution thnx
On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2021: Cost Retail Beginning inventory $ 71,280 $ 132,000 Net purchases 112,500 255,000 Net markups 6,000 Net markdowns 11,000 Net sales 232,000 Retail price index, 12/31/2021 1.04 Required:Calculate the estimated ending inventory and cost of goods sold for 2021 using the information provided. (Do not round intermediate calculations.)According to my HW the answer is NOT 76,877 for the Ending Inventory at Cost which is what I keep calculating. Ending inventory at retail $150,000 x 1.04 = 144230.7692144230.7692-132,000 = 12,230.76923132,000 x 1 x .54 = 71,28012230.76923 x 1.04 x .44 = 5,596.7971495,596.797149 + 71280 = 76,876.79715 = 76,877
On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Cost Retail Beginning inventory $ 72,900 $ 135,000 Net purchases 102,150 232,000 Net markups 5,000 Net markdowns 10,000 Net sales 200,000 Retail price index, 12/31/2024 1.08 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Ending inventory at retail:_________ Ending inventory at cost:__________ Cost of goods sold:_______________