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Description: Presented below is information related to Sunland Company. Compute the ending inventory for Sunland Company for 2022 through 2027 using the dollar-value LIFO method. Presented below is information related to Sunland Company.Ending InventoryPriceDate(

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Accounting

Presented below is information related to Sunland Company. Ending Inventory Price Date (End-of-Year Prices) Index December 31, 2022 $77,500 100 December 21 2022 120.054 107

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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On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory cost on this date was $101,300. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Year-End Ending Inventory at Year-End Costs Cost Index 2024 $ 130,095 1.05 2025 148,720 1.10 2026 159,060 1.20 In determining the inventory balance for the company to report in its 12/31/2025 balance sheet
The inventory of Wildhorse Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 660 $128.00 $135.00 111 1,040 81.00 70.00 112 540 108.00 103.00 113 210 229.50 243.00 120 410 277.00 281.00 121 a 1,700 22.00 1.00 122 280 324.00 317.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
Sunland Company's inventory on January 1, 2025, at cost and retail are $97,500 and $141,000, respectively. Sunland established its base year amounts on January 1, 2025. The current year price index was 1.20. Sunland also had the following information: Purchases Sales Mark-ups Mark-downs Cost $195,000 Retail $282,000 243,000 19,740 (11,280) Determine ending inventory using: (Round ratio to 2 decimal places, e.g. 75.35% and final answer to O decimal places, e.g. 5,275.) (a) LIFO retail. (b) Dollar Value LIFO. (a) Ending inventory under LIFO retail $ tA (b) Ending inventory under Dollar Value LIFO $
At the beginning of 2024, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool's value on that date was $1,250,000. The 2024 ending inventory valued at year- end costs was $1,484,000 and the year-end cost index was 1.06. Calculate the inventory value at the end of 2024 using the dollar-value LIFO method.
Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019; $129.492 at December 31, 2020; and $145,200 at December 31, 2021. The year-end price indexes were 100 at 12/31/19,110 at 12/31/20, and 120 at 12/31/21. Compute the ending inventory for Sunland Company for 2019 through 2021 using the dollar-value LIFO method. 2019 2020 2021 Ending Inventory %24 24 24
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 $810,000. The 2024 and 2025 ending inventory valued at year-end costs were $845,000 and $924,000, 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. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Inventory at Date Year-End 01/01/2024 12/31/2024 12/31/2025 Cost Inventory Inventory Year-End Cost Layers at Base Year Inventory Layers at Base Year-End Cost Index Index Year Cost Cost Layers Converted to Cost Base Base 2024 Base 2024 2025 M
Presented below is information related to Novak Company. December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 2017 2018 Date 2019 2020 2021 2022 $ LA $ Ending Inventory (End-of-Year Prices) $ 84,500 267,624 267,300 LA 301,204 Compute the ending inventory for Novak Company for 2017 through 2022 using the dollar-value LIFO method. 355,635 419,562 Price Index Ending Inventory 100 236 270 293 315 326
Presented below is information related to Blue Company. Date Ending Inventory(End-of-Year Prices) PriceIndex December 31, 2017 $ 77,200 100 December 31, 2018 249,951 221 December 31, 2019 248,472 252 December 31, 2020 280,098 273 December 31, 2021 336,630 294 December 31, 2022 401,685 305 Compute the ending inventory for Blue Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $enter a dollar amount 2018 $enter a dollar amount 2019 $enter a dollar amount 2020 $enter a dollar amount 2021 $enter a dollar amount 2022 $enter a dollar amount
Caterpillar Inc (CAT) has the following excerpts from their financial statements December 31, 2021 December 31, 2020 Inventory (in $ Millions) 14,038 11,402 Net Income(in $ Millions) 6,489 2,998 Inventories are principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis. If the FIFO (first-in, first-out) method had been in use, inventories would have been $3,258 million and $2,921 million higher than reported at December 31, 2021 and 2020, respectively. Assume corporate tax rate of 21%. If CAT had used FIFO method instead of LIFO method What inventory (in $ Millions) would CAT report for 2021? What net income (profit) would CAT report in 2021? What is the cumulative amount of income tax savings that CAT generated through end of 2021 by using LIFO instead of FIFO? What…
Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions). 2019 Assets 2019 Inventories 2019 LIFO Reserve 2018 LIFO Reserve Tax Rate $52,848 $3,398 $3,870 $2,610 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment (S in millions) Inventories $4 6,008 x Total assets %24 Deferred tax liabilkies $ 54,108 x 277 x Equity 0 x b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) Cost of goods sold %24 0 x Pretax income %24 0 x Income tax expense $ 0 x Net income %24
Presented below is information related to X Company "Date End - of- Ending Inventory Year ) ( FIFO ) Price Index 2022 100,000 100 2023 229,000 103 2024 218,658 110 2025 239,700 115 2026 170,000 125 Instructions : What's JOURNAL ENTRIES for X company ?
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.