On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $670,000. The 2024 and 2025 ending inventory valued at year-end costs were $714,000 and $795,000, respectively. The appropriate cost indexes are 1.05 for 2024 and 1.06 for 2025. Required: Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.

On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $670,000. The 2024 and 2025 ending inventory valued at year-end costs were $714,000 and $795,000, respectively. The appropriate cost indexes are 1.05 for 2024 and 1.06 for 2025. Required: Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.

Name: Exercise 8-26 (Algo) Dollar-value LIFO [LO8-8]On January 1, 2024, a C
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Description: Exercise 8-26 (Algo) Dollar-value LIFO [LO8-8]On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was$670,000. The 2024 and 2025 ending inventory valued at year-end costs were

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 15P: (Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and...

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(Appendix 8.1) Inventory Write-Down Frost Companys inventory records tor the years 2019 and 2020 reveal the cost and market of the January 1, 2019, inventory to be 125,000. On December 31, 2019, the cost of inventory was 130,000, while the market value was only 128,000. The December 31, 2020, market value of inventory was 140,000, and the cost was only 135,000. Frost uses a periodic inventory system. Purchases for 2019 were 100,000 and for 2020 were 110,000. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the journal entries at the end of 2019 and 2020 to record the lower of cost or net realizable value under the (a) allowance method and (b) direct method. 2. Prepare the cost of goods sold section of the income statement and show how the company would record the inventory on its balance sheet for 2019 and 2020 under the (a) allowance method and (b) direct method. 3. Next Level Refer to your answer for P8-3. How does the use of a periodic inventory system versus a perpetual inventory system affect the valuation of inventory and the amount reported as income?
(Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and 2021 for Parry Company: Required: 1. Assume the inventory that existed at the end of each year was sold in the subsequent year. Prepare journal entries to record the lower of cost or net realizable value for each of the following alternatives: a. allowance method, periodic inventory system b. direct method, periodic inventory system 2. Next Level Refer to your answer for P8-2. How does the use of the periodic inventory system affect the write-down of inventory to the lower of cost or net realizable value?
Problem 8-13 (Algo) Dollar-value LIFO [LO8-8] On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $390,000. Inventory data for 2024 through 2026 are as follows: Date 12/31/2024 12/31/2025 12/31/2026 Date Required: Calculate the company's ending inventory for 2024, 2025, and 2026, 01/01/2024 12/31/2024 12/31/2025 Ending Inventory at Year-End Costs $ 430,500 484,500 510,450 12/31/2026 Cost Index 1.05 1.14 1.23 Inventory Layers Converted to Base Year Cost Inventory Layers at Base Year Cost Inventory at Year-End Cost Year-End Cost Index M T a W Base Base 2024 Base 2024 2025 Base 2024 2025 2026 Inventory Layers Converted to Cost Year-End Cost Index Inventory Layers at Base Year Cost - M " . Inventory Layers Converted to Cost Inventory DVL Cost $ $ $ $ 0 0 0 0
Exercise 8-27 (Algo) Dollar-value LIFO [LO8-8] Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $201,000. Inventory data are as fpllows: Ending Inventory at Year-End Costs Ending Inventory at Year Base Year Costs 2022 $233,100 302,450 $222,000 263,000 253,000 2023 2024 303,600 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.) O Answer is not complete. Inventory DVL Cost Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Year- Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year- Inventory at Year-End Cost End Cost Index End Cost Index Inventory Layers Converted to Cost Date 12/31/2021 201,000 1 IS 201.000 Base 2$ 201,000 1 %3D 24 201,000 $ 201,000 %3D 12/31/2022 233,100 1.05 2$ 222,000 Base IS…
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Exercise 8-27 (Static) Dollar-value LIFO [LO8-8] Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $200,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year- Ending Inventory at Base End Costs Date 12/31/2024 12/31/2025 Required: Compute the inventory at December 31, 2025, 2026, and 2027, using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. 12/31/2026 $ 231,000 299,000 300,000 12/31/2027 Year Costs Inventory at Year- End Cost $ 220,000 260,000 250,000 Inventory Layers Converted to Base Year Cost Year-End Cost Index = = Ending Inventory at Base Year Cost Base Base 2025 Base 2025 2026 Base 2025 2026 2027 Inventory Layers Converted to Cost Ending Inventory at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost Inventory DVL Cost $ $ $ S 0 0 0 0
13. On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventoryat Year-End Costs Cost Index 12/31/2021 $ 436,800 1.04 12/31/2022 487,200 1.12 12/31/2023 518,500 1.22 Required:Calculate Taylor's ending inventory for 2021, 2022, and 2023.
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Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5] On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024: Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, 12/31/2024 Required: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. Note: Do not round intermediate calculations. Answer is complete but not entirely correct. Ending inventory at retail Ending inventory at cost Cost of goods sold Cost $ 82,600 119,500 $ $ $ 162,000 86,386 122,113 Retail $ 140,000 247,000 4,000 12,000 217,000 1.08