Part BGott Company adopted the dollar-value LIFO inventory method on 12/31/19.On this date, its inventory consisted of the following items.Additional information:InstructionsItemXY(a)(b)(c)(d)(e)(f)at December 3112Numberof Units34300900Cost PerUnit$2.504.50Units of X in inventoryValue of each X unitUnits of Y in inventoryValue of each Y unitTotal Cost$7504,050$4,8002020450$3.00$1,3501,200$5.50$6,600Compute the price index for 2020. Round to 3 decimal places.Compute ending inventory at 12/31/2020 in base year dollars.Calculate ending inventory at 12/31/20 for dollar value LIFO.Compute the price index for 2021. Round to 3 decimal places.Compute ending inventory at 12/31/2021 in base year dollars.Calculate ending inventory at 12/31/21 for dollar value LIFO.2021600$3.25$1,9501,800$6.00$10,800

Name: Part BGott Company adopted the dollar-value LIFO inventory method on
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Description: Part BGott Company adopted the dollar-value LIFO inventory method on 12/31/19.On this date, its inventory consisted of the following items.Additional information:InstructionsItemXY(a)(b)(c)(d)(e)(f)at December 3112Numberof Units34300900Cost PerUnit$

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Business

Accounting

Instructions (a) (b) (c) (d) (e) (f) Compute the price index for 2020. Round to 3 decimal places. Compute ending inventory at 12/31/2020 in base year dollars. Calculate ending inventory at 12/31/20 for dollar value LIFO. Compute the price index for 2021. Round to 3 decimal places. Compute ending inventory at 12/31/2021 in base year dollars. Calculate ending inventory at 12/31/21 for dollar value LIFO.

Instructions (a) (b) (c) (d) (e) (f) Compute the price index for 2020. Round to 3 decimal places. Compute ending inventory at 12/31/2020 in base year dollars. Calculate ending inventory at 12/31/20 for dollar value LIFO. Compute the price index for 2021. Round to 3 decimal places. Compute ending inventory at 12/31/2021 in base year dollars. Calculate ending inventory at 12/31/21 for dollar value LIFO.

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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