Inventory Pools Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses a single inventory pool. The company's beginning inventory consists of the following: Type Quantity Cost per Unit Total Cost Running $16 Tennis 15 14 17 80,000 30,000 Basketball 60,000 Soccer 40,000 210,000 During 2019, the company has the following purchases and sales: Selling Price per Unit Quantity Type Purchased Cost per Unit Quantity Sold Running $19 Tennis 16 14 18 Basketball Soccer $1,280,000 450,000 840,000 680,000 $3,250,000 150,000 130,000 100,000 120,000 500,000 140,000 100,000 90,000 140,000 470,000 $40 38 37 42 Required: 1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all
Inventory Pools Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses a single inventory pool. The company's beginning inventory consists of the following: Type Quantity Cost per Unit Total Cost Running $16 Tennis 15 14 17 80,000 30,000 Basketball 60,000 Soccer 40,000 210,000 During 2019, the company has the following purchases and sales: Selling Price per Unit Quantity Type Purchased Cost per Unit Quantity Sold Running $19 Tennis 16 14 18 Basketball Soccer $1,280,000 450,000 840,000 680,000 $3,250,000 150,000 130,000 100,000 120,000 500,000 140,000 100,000 90,000 140,000 470,000 $40 38 37 42 Required: 1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:Inventory Pools
Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses a
single inventory pool. The company's beginning inventory consists of the following:
Type Quantity Cost per Unit Total Cost
Running
Tennis
80,000
30,000
Basketball 60,000
Soccer
40,000
210,000
150,000
130,000
Basketball 100,000
Soccer
120,000
500,000
$16 $1,280,000
15
14
17
During 2019, the company has the following purchases and sales:
Quantity
Selling Price
Type Purchased Cost per Unit Quantity Sold
per Unit
Running
$19
Tennis
16
14
18
Required:
450,000
840,000
680,000
$3,250,000
140,000
100,000
90,000
140,000
470,000
$40
38
37
42
1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all

Transcribed Image Text:Inventory Pools
Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses a
single inventory pool. The company's beginning inventory consists of the following:
Type Quantity Cost per Unit Total Cost
Running
Tennis
80,000
30,000
Basketball 60,000
Soccer
40,000
210,000
150,000
130,000
Basketball 100,000
Soccer
120,000
500,000
$16 $1,280,000
15
14
17
During 2019, the company has the following purchases and sales:
Quantity
Selling Price
Type Purchased Cost per Unit Quantity Sold
per Unit
Running
$19
Tennis
16
14
18
Required:
450,000
840,000
680,000
$3,250,000
140,000
100,000
90,000
140,000
470,000
$40
38
37
42
1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all
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