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
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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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