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 $730,000. The 2024 and 2025 ending inventory valued at year - end costs were $767,000 and $810,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.08 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 $730,000. The 2024 and 2025 ending inventory valued at year - end costs were $767,000 and $810,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.08 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: BaseBase2024Base20242025Inventory Layers Converted to CostInventoryLa
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: BaseBase2024Base20242025Inventory Layers Converted to CostInventoryLayers at BaseYear CostYear-EndCost Index||==||=II==InventoryLayersConverted toCost$InventoryDVL Cost$GAO0O On January 1, 2024, a Company adopted the dollar - value LIFO method for i

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Buffalo Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $57,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year-End Inventory at Retail $121.980 Ending inventory 137,500 116,280 167,500 Current Year Cost-Retail% 2024 60% 61% 62% 59% Year-End Price Index $ 107 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 110 114 125 2025 2026 2027
Bombers Corporation began operations in 2026. Its ending inventory at cost and at LCNRV at the end of 2025 and 2026 is presented below: Cost Net Realizable Value 12/31/26 $926, 000 $ 922,000 12/31/27 910, 000 920, 000 Prepare the journal entries (if any) required at December 31, 2026, and December 31, 2027, assuming that the inventory is recorded at LCNRV and that Schubert uses a perpetual inventory system and the cost of - goods - sold method.
Carswell Electronics adopted the dollar-value LIFO method on January 1, 2018, when the inventory value ofits one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index(CPI), to adjust for changes in the cost level. On January 1, 2018, the CPI was 240. On December 31, 2018, inventory valued at year-end cost was $880,000 and the CPI was 264.Required:Calculate the inventory value at the end of 2018 using the dollar-value LIFO method.
Hsieh Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiplepools). The following data are available for inventory pool A for the 2 years following adoption of LIFO:At Base- At CurrentInventory Year Cost Year Cost1/1/2020 $334,000 $334,00012/31/2020 361,000 375,44012/31/2021 412,000 449,080
On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's ending inventory records appear as follows: Year Current cost Index 2019 $ 42,000 100 (1.00) 2020 58,000 110 (1.10) 2021 60,100 120 (1.20) 2022 68,200 130 (1.30) Compute the ending inventory for the years 2019, 2020, 2021, and 2022, using the dollar-value LIFO method. Round to the nearest dollar. Show all work. You can use the previous homework template that you used for
Sunland Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1109000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2020 December 31, 2021 December 31, 2022 Inventory at Current Prices $1285000 1460000 1625000 Current Price Index 106 124 129 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO?
A company adopted dollar - value LIFO on January 1, 2024, when the inventory value was $367,000 and the cost index was 1.35. On December 31, 2024, the inventory was valued at year-end cost of $402,000 and the cost index was 1.40. The company would report a LIFO inventory of: Note: Round your final answer to the nearest whole dollar amount.
Crane Company adopted the dollar-value LIFO inventory method on December 31, 2020. Crane's entire inventory constitutes a single pool. On December 31, 2020, the inventory was $968000 under the dollar- value LIFO method. Inventory data for 2021 are as follows: 12/31/21 inventory at year-end prices $ 1300000 Relevant price index at year end (base year 2020) 108 Using dollar value LIFO, Crane's inventory at December 31, 2021 is (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.) $1300000. $1203704. $1222560. $1045440.
JBD, Inc. has the following information pertaining to it 2025 ending inventory. Requirements: Calculate the value of ending inventory using the following methods: LCM for each individual inventory item LCM for aggregated inventory. Record any necessary journal entries for each of the above methods, assuming the amount is material. Explain the purpose of applying the LCM rule to inventory Item Quantity Cost per Each Market Cost per Each Records Market LCM Each LCM Total R55 300 10 7.5 S49 150 15 12 T21 350 8 6 E33 600 33 35 Date Account Debit Credit
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 $215,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year-End Costs $ 262,500 350,750 354,000 Ending Inventory at Base Year Costs $ 250,000 305,000 295,000 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. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory at Date Year-End Cost Year-End Cost Index 12/31/2024 12/31/2025 12/31/2026 = Inventory DVL Cost Ending Inventory at Base Year Ending Inventory at Base Year Year-End Cost Index Cost Cost Inventory Layers Converted to Cost Base $ ° Base 2025 $ 0 Base 2025)
Kingbird Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Kingbird's records. Price Ending Inventory Date Index at Base Prices Ending Inventory at Dollar-Value LIFO December 31, 2025 105 $92,700 $86,600 December 31, 2026 ? 97,700 92,150 Calculate the index used for 2026 that yielded the above results. Index used for 2026
Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Merchandise inventory, January 1, 2024 Cost $ 299,390 661,388 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 Required: Estimate the ending inventory for December 31, 2024. 1.00 1.10 Note: Round "Cost-to-retail percentage" to 2 decimal places. Estimated ending inventory (At Retail) Estimated ending inventory (At Cost) Retail $ 470,000 1,017,000 13,700 3,700 633,500