Laura Duke Products adopted the dollar-value LIFO method using 2022 as the base year for financial reporting purposes. It uses FIFO for its internal books. Information related to Duke'sRequirement a. Compute Duke's ending inventory under the dollar-value LIFO method for the years 2022 through 2024. (Use price index amounts to two decimal places, X.XX. Round all intermediarycurrency calculations and the amounts you enter into the cells below to the nearest whole dollar.)Year2022 layer2023 layer2024 layerEnding inventory under dollar-value LIFOData table20222023☑2024RequirementsEnding Inventory at End-of-Year Prices per Internal Cumulative PriceBooksYearIndex2022475,0001002023548,0001052024609,000107a. Compute Duke's ending inventory under the dollar-value LIFO method for theyears 2022 through 2024.b. Prepare the journal entries for 2023 and 2024 to adjust inventory tothe dollar-value LIFO basis.c. Determine the ending balance of the LIFO reserve for 2023 and 2024.✗

Part 2: ExplanationStep 1: Calculate the Ending Inventory at End-of-Year Prices per Internal…

Answered: Laura Duke Products adopted the…

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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Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following: Customername Totaloutstanding £ Creditlimit £ 0-30days £ 31-60days £ 61-90days £ Over 90days £ A. Ames 16200 15000 2000 8700 2500 3000 B.Bristow 18300 25000 18300 - - - C.Chen 4700 4800 - 2000 2700 - TOTAL 39200 - 20300 10700 5200 3000 Notes:• The company offers 30 days credit to its customers.• The credit is offered to the customers based on words of mouth• Ames is disputing the quality of some of the goods and refusing to pay, no decision hasbeen made yet (£3,000 over 90 days)• Chen has just put in an order for £5,000, he is a good friend of the directorRequired:What are the key points arising from the credit controller's review in respect of each tradereceivable balance and what suggestions can be made to improve the aged analysis report?
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