9 Inventory PoolsStone 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 inventoryconsists of the following:Type Quantity Cost per Unit Total Cost$16Running 80,000Tennis30,00015Basketball 60,00014Soccer40,00017210,000During 2019, the company has the following purchases and sales:Selling Priceper Unit$1,280,000450,000840,000680,000$3,250,000QuantityType Purchased Cost per Unit Quantity Sold150,000$19130,000Basketball 100,000Soccer120,0001614140,000100,00090,00018140,000470,000500,000RunningTennisRequired:$403837421. 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.

Name: 9 Inventory PoolsStone Shoe Company adopted dollar-value LIFO on Janua
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Description: 9 Inventory PoolsStone 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 inventoryconsists of the following:Type Quantity Cost per Unit Total Cost$1

INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Business

Accounting

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.

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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