Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2016; $119,900 at December 31, 2017; and $134,560 at December 31, 2018. The year-end price indexes were 100 at 12/31/16, 110 at 12/31/17, and 116 at 12/31/18. Compute the ending inventory for Midori Company for 2016 through 2018 using the dollar-value LIFO method. Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow Year Ended December 31 Inventory at Current-Year Cost Price Index 2016 $19,750 100 2017 22,140 108 2018 25,935 114 Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method
Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2016; $119,900 at December 31, 2017; and $134,560 at December 31, 2018. The year-end price indexes were 100 at 12/31/16, 110 at 12/31/17, and 116 at 12/31/18. Compute the ending inventory for Midori Company for 2016 through 2018 using the dollar-value LIFO method. Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow Year Ended December 31 Inventory at Current-Year Cost Price Index 2016 $19,750 100 2017 22,140 108 2018 25,935 114 Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 8PEB: Financial statement data for years ending December 31 for Tango Company follow: a. Determine the...
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Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2016; $119,900 at December 31, 2017; and $134,560 at December 31, 2018. The year-end price indexes were 100 at 12/31/16, 110 at 12/31/17, and 116 at 12/31/18. Compute the ending inventory for Midori Company for 2016 through 2018 using the dollar-value LIFO method.
Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow
Year Ended December 31 | Inventory at Current-Year Cost | Price Index |
2016 | $19,750 | 100 |
2017 | 22,140 | 108 |
2018 | 25,935 | 114 |
Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method
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