On Jan. 1. 2020. Omni-Night Company adopted Dollar Value LIFO. Below is the company's Dollar Value LIFO chart for ending inventory as of Dec. 31. 2020. Layer 1/1/2020 12/31/2020 Total Inventory at Base Costs 80,000 50.000 130,000 Price Index 1.0 1.05 DV LIFO Inventory Value 80,000 52.500 132,500 On Dec. 31.2021. Omni-Night had ending inventory at current (FIFO) costs of $165,000 and a price index for 2021 of 1.10. Answer the following two questions. On Dec. 31, 2021, what is Omni-Night's ending inventory at base year costs? 150,000 On Dec. 31, 2021, what is Omni-Night's ending Dollar Value LIFO inventory balance? 132,500

On Jan. 1. 2020. Omni-Night Company adopted Dollar Value LIFO. Below is the company's Dollar Value LIFO chart for ending inventory as of Dec. 31. 2020. Layer 1/1/2020 12/31/2020 Total Inventory at Base Costs 80,000 50.000 130,000 Price Index 1.0 1.05 DV LIFO Inventory Value 80,000 52.500 132,500 On Dec. 31.2021. Omni-Night had ending inventory at current (FIFO) costs of $165,000 and a price index for 2021 of 1.10. Answer the following two questions. On Dec. 31, 2021, what is Omni-Night's ending inventory at base year costs? 150,000 On Dec. 31, 2021, what is Omni-Night's ending Dollar Value LIFO inventory balance? 132,500

Name: On Jan. 1. 2020, Omni-Night Company adopted Dollar Value LIFO. Below
Uploaded: 2024-03-20T06:32:37.000Z
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Description: On Jan. 1. 2020, Omni-Night Company adopted Dollar Value LIFO. Below is the company's Dollar ValueLIFO chart for ending inventory as of Dec. 31, 2020.Layer1/1/202012/31/2020TotalInventory at BaseCosts80,00050,000130,000Price Index1.01.05DV LIFOInven

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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On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 48,000 103,040 3,200 Retail $ 64,000 120,000 2025 16,000 3,200 117,850 3,800 Cost 2025 $ 115,150 3,700 Retail Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar. $ 133,000 10,400 3,400 119,440 5,920 1.00 1.06 1.12
On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20 % discount) Price Index: January 1, 2024 December 31, 2024 December 31, 2025 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2024 2024 Cost $ 56,000 104,000 4,000 Retail $ 80,000 128,000 2025 20,000 4,000 129,465 2,700 Cost 2025 $ 109,695 4,500 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. Note: Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar. Retail $ 134,200 12,000 4,200 121,260 4,400 1.00 1.06 1.12
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