Vipul k Don't upload any image please Question 7Hershey's Corporation uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:Inventory atEnd-of-year Prices$700,0001,230,0001,400,000ROUND ALL AMOUNTS TO WHOLE DOLLARS (NO CENTS)What is the Year 2 inventory balance using dollar-value LIFO?What is the Year 3 inventory balance using dollar-value LIFO?Year endedDecember 31.Year 1Year 2Year 3PriceIndex100%106%110%

Name: Vipul k Don't upload any image please Question 7Hershey's Corporation
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Description: Vipul k Don't upload any image please Question 7Hershey's Corporation uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:Inventory atEnd-of-year Prices$700,0001,230,0001,400,000ROUND ALL AMO

LIFO is the method of determining the ending balance of inventory where the cost of inventory is…

Business

Accounting

Hershey's Corporation uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended Inventory at December 31. End-of-year Prices Year 1 $700,000 Year 2 1,230,000 Year 3 1,400,000 ROUND ALL AMOUNTS TO WHOLE DOLLARS (NO CENTS) What is the Year 2 inventory balance using dollar-value LIFO? What is the Year 3 inventory balance using dollar-value LIFO? Price Index 100% 106% 110%

Hershey's Corporation uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended Inventory at December 31. End-of-year Prices Year 1 $700,000 Year 2 1,230,000 Year 3 1,400,000 ROUND ALL AMOUNTS TO WHOLE DOLLARS (NO CENTS) What is the Year 2 inventory balance using dollar-value LIFO? What is the Year 3 inventory balance using dollar-value LIFO? Price Index 100% 106% 110%

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Vipul k

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Question 7
Hershey's Corporation uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:
Inventory at
End-of-year Prices
$700,000
1,230,000
1,400,000
ROUND ALL AMOUNTS TO WHOLE DOLLARS (NO CENTS)
What is the Year 2 inventory balance using dollar-value LIFO?
What is the Year 3 inventory balance using dollar-value LIFO?
Year ended
December 31.
Year 1
Year 2
Year 3
Price
Index
100%
106%
110%

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Step 2: Computation of inventory change from the prior period at base year index:

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Step 3: Computation of Ending inventory for Year 2 & Year 3 using dollar-value LIFO:

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