P 8-14 Dollar-value LIFO LO8-8 Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2018, with an inventory of $150,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2018 2019 2020 2021 Ending Inventory at Year-End Costs $200,000 245,700 235,980 228,800 Cost Index (Relative to Base Year) 1.08 1.17 1.14 1.10 Required: Calculate inventory amounts at the end of each year.

P 8-14 Dollar-value LIFO LO8-8 Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2018, with an inventory of $150,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2018 2019 2020 2021 Ending Inventory at Year-End Costs $200,000 245,700 235,980 228,800 Cost Index (Relative to Base Year) 1.08 1.17 1.14 1.10 Required: Calculate inventory amounts at the end of each year.

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Description: P 8-14 Dollar-value LIFOLO8-8Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is usedto convert ending inventory to base year. The company began operations on January 1, 2018, with an inventoryof $15

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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A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $120,000 Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2024 2025 2026 2027 Date Required: Calculate inventory amounts at the end of each year Note: Round intermediate calculations and final answers to the nearest whole dollars. 01/01/2024 12/31/2024 12/31/2025 12/31/2026 Ending Inventory at Cost Index (Relative to Year-End Costs Base Year) $ 198,000 261,800 243,600 240,800 12/31/2027 Inventory Layers Converted to Base Year Cost Inventory at Year End Cost Inventory Layers at Base Year Cost Inventory Layers Converted to Cost Inventory Layers Converted to Cost Base Base 2024 Base 2024 2025 Base 1.10 1.19 1.16 1.12 2024 2025 2026 Base 2024 2025 2026 2027 Inventory Layers at Base Year Cost Inventory DVL…
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TB MC Qu. 8-111 (Static) A company has the following information available... A company has the following information available that was used to report inventory using the dollar-value LIFO method. Year 12/31/2023 12/31/2024 Year-End Cost $ 250,000 259,000 Cost Index 1.00 1.06 For the year ended 12/31/2024, the company reported inventory of $274,540 (= $259,000 x 1.06). Which of the following statements is correct? Multiple Choice The amount reported for ending inventory should be calculated as $250,000 + ($9,000 ÷ 1.06). The amount reported for ending inventory should be calculated as $259,000+ 1.06. The amount reported for ending inventory is correct. Proy 16 of 16 HH Ch Next
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AL LUSE AL RELdi Beginning inventory Net purchases $127, 600 231,240 $256, 800 393, 600 Assume that in addition to estimating its ending Inventory by the retall method, Harmony Co. also took a physical Iinventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your intermedlete calculatlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 Inventory shrinkage from breakage, theft, or other causes at retall and at cost. (Round your Intermedlate calculatlons and final answers to 2 decimal places.) At Cost At Retail Estimated inventory that should have been on hand Physical inventory Inventory shrinkage
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raw A company's inventory records indicate the following data for the month of April Units Acquired at Cost 780 units@ $36- $28,080 660 units@ $40 - $26,400 Date April 1 April 7 April 11 April 16 April 22 Sale O Activities Beginning inventory Purchase Sale Multiple Choice O Purchase O 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 280 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. $31,220. $23,480 $19,120 $36.850 580 units@ $44- $25,520 $22.960. Units Sold at Retail 1,160 units @ $110 . P C
Item 13 A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows: Selling price $ 535,000 Costs to sell 37,500 Replacement cost 462,500 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?
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Question Content Area Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $35 $175 Aug. 7 Purchase 20 units at $36 720 Dec. 11 Purchase 11 units at $37 407 36 units $1,302 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).
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