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 $16 Running 80,000 Tennis 30,000 15 Basketball 60,000 14 Soccer 40,000 17 210,000 $1,280,000 450,000 840,000 680,000 $3,250,000 During 2019, the company has the following purchases and sales: Quantity Selling Price Type Purchased Cost per Unit Quantity Sold per Unit Running 150,000 $19 $40 140,000 100,000 Tennis 16 130,000 Basketball 100,000 38 37 14 90,000 Soccer 120,000 18 140,000 42 500,000 470,000 Required: 1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all other amounts to the nearest dollar.
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 $16 Running 80,000 Tennis 30,000 15 Basketball 60,000 14 Soccer 40,000 17 210,000 $1,280,000 450,000 840,000 680,000 $3,250,000 During 2019, the company has the following purchases and sales: Quantity Selling Price Type Purchased Cost per Unit Quantity Sold per Unit Running 150,000 $19 $40 140,000 100,000 Tennis 16 130,000 Basketball 100,000 38 37 14 90,000 Soccer 120,000 18 140,000 42 500,000 470,000 Required: 1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all other amounts to the nearest dollar.
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
$16
Running 80,000
Tennis
30,000
15
Basketball 60,000
14
Soccer
40,000
17
210,000
During 2019, the company has the following purchases and sales:
Selling Price
per Unit
$1,280,000
450,000
840,000
680,000
$3,250,000
Quantity
Type Purchased Cost per Unit Quantity Sold
150,000
$19
130,000
Basketball 100,000
Soccer
120,000
16
14
140,000
100,000
90,000
18
140,000
470,000
500,000
Running
Tennis
Required:
$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 other amounts to the nearest dollar.
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