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 $750,000. The 2024 and 2025 ending inventory valued at year-end costs were $793,000 and $882,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.05 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.

Q: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: On December 31, 2020, Jen & Mink Clothing (J&M) performed the inventory count and determined the…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. LIFO methods…

Q: At the beginning of 2016, a company adopts the dollar-value LIFO inventory method for its one…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index…

A: Dollar-Value-LIFO: This method shows all the inventory figures at a dollar price rather than units.…

Q: The Genworth Company adopted the dollar-valu LIFO method on January 1, 2021 when the inventory value…

A: Inventory at the end: It refers to the stock in hand at the end of the year and reported in the…

Q: Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The…

A: Accounting ErrorAn accounting error is an error in an accounting entry that was not intentional.…

Q: The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that…

A: ENDING INVENTORY USING DOLLAR - VALUE LIFO METHOD : = INVENTORY LEVEL / PRICE LEVEL

Q: On January 2020, Roel Corp. Has th following inventory…

A: Inventory valuation method: First in First out Last in First out Weighted average method In the…

Q: Sheridan Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Lets understand the basics. As per IAS 2 "Inventories", inventory should be recorded at lower of…

Q: In 2017, Blue company adopted the Dollar-Value LIFO method for externally reporting inventory. The…

A: Dollar value LIFO method: This method is different model for the last-in first layering model. Under…

Q: Whispering Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At…

A: DVL stands for dollar value LIFO method. LIFO stands for Last In first out. Using LIFO, the newer…

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: Inventory is the current assets of the company that is used in the production process.

Q: Sandhill Corporation adopted the dollar-value LIFO method of inventory valuation on December 31,…

A: LIFO stands for Last In first out. Using LIFO, the newer inventory is sold at first and older…

Q: Sunland Inc. began operations on January 1, 2023, and uses the FIFO method of pricing inventory.…

A: Lets understand the basics.The first in first out method is one of the important methods of valuing…

Q: Kingbird Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At…

A: calculation of ending inventory for 2024,2025,2026 and 2027 are as follows

Q: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…

A: The inventory can be valued using various method as FIFO, LIFO and weighted average method. Using…

Q: Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its…

A: LIFO is last in first method that is used for inventory valuation. This says that inventory which is…

Q: On January 2020, Roel Corp. Has th following inventory…

A: FIFO method says that first in first out method in which inventories purchased first will be sold…

Q: ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking…

A: ABC uses a periodic inventory system, and the ending inventory for each year is determined by taking…

Q: Presented below is information related to Sunland Company. Ending Inventory Price Date (End-of-Year…

A: This method is used by retailers to estimate the value of their inventory for financial reporting…

Q: At the beginning of 2021, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: Calculate inventory amounts at the end of each year.

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Q: Crane Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at…

A: Ending inventory at cost refers to the value of goods held by a company at the end of an accounting…

Q: December 31 2024 2025 2026 2027 $ $ $ Year-End Costs 96,460 131,100 141,120 $ $ Base-Year Costs…

A: DVL stands for Dollar Value LIFO method. LIFO stands for Last in first out.

Q: The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales…

A: FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

Q: error was due to purchases

A: The total difference in net income = Corrected net income - Reported net income Corrected net…

Q: December 10, 2024, at a cost of $21 per unit. Non of this inventory was so Ending inventory units…

A: Price indexA price index (PI) is a measure that states how the prices change over a period of time…

Q: Marigold Company has used the dollar-value LIFO method for inventory cost determination for many…

A: Determine the amount of change in base price.

Q: Wildhorse Company began operations in 2024 and determined its ending inventory at cost and at…

A: Answer to Question (a):-                                                Journal Entry under Cost…

Q: Kingbird Company began operations in 2025 and determined its ending inventory at cost and at LCNRV…

A: INTRODUCTION: Each journal entry provides information relevant to a particular business transaction,…

Q: Calculating LIFO Inventory Values. The Brattle Corporation began operations in 2018. Information…

A: LIFO method stands for Last In First Out. Under this method, the inventory purchased recently is…

Q: At the beginning of 2024, a company adopts the dollar-value LIFO inventory method for its one…

A: LIFO is the method of determining the ending balance of inventory where the cost of inventory is…

Q: Dunk Company adopted the dollar-value LIFO inventory method on 12/31/2020 and uses one inventory…

A: The following are the answers:   1. The price index for 2021 is \$4.25. 2. The ending inventory for…

Q: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…

A: LIFO stands for Last in first out. Using LIFO, the newer inventory is sold out and older inventory…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: To compute dollar value LIFO inventory, first we compute  price index for every year by…

Q: Wildhorse Company uses the LCM method, on an individual-item basis, in pricing its inventory Items…

A: Answer to Question:-                                Determination of Unit value of Inventory…

Q: Whispering, Inc, uses the dollar-value LIFO method of computing its inventory. Data for the past 3…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: What pretax amount should be reported in the 2021 statemen of changes in equity as the cumulative…

A: Calculation of cumulative effect of change in accounting policy Year FIFO Weighted average effect…

Q: The following are the inventories for the years 2019, 2020, and 2021 for Parry Company: 1. Assume…

A: 1) The inventory will be sold at the cost of net realizable value whichever is less. The adjustment…

Q: Required: Prepare the journal entries assuming that inventory is recorded at LCNRV and that MRW…

A: Inventory valuation is important aspect while preparing financial statements as it determines the…

Q: Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational…

A: Year: 2024           Particular Cost Retail Ending Inventory at Retail   119780 Ending…

Q: Coronado Company began operations in 2024 and determined its ending inventory at cost and at…

A: The most of the business holds inventory. The inventory is presented in balance sheet as current…

Q: On January 1, 2016, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: On December 31, 2024, the inventory of Bramble Company amounts to $880,000. During 2025, the company…

A: LIFO is the method of determining the ending balance of inventory where the cost of inventory is…

Q: please explain your answer

A: Stellar Corporation: Dollar-Value LIFO Inventory CalculationsYear-End Inventory at LIFO Cost: We'll…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO…

Q: Compute the ending inventory under the dollar-value LIFO method at December 31, 2026. The…

A: As per LIFO method, records the most recently produced items as sold first.LIFO means. last in first…

Q: Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index…

A: Inventory: it refers to all the items, goods, merchandise, and materials held by a business for…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.