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$390,000. Inventory data for 2024 through 2026 are as follows:Date12/31/202412/31/202512/31/2026DateRequired:Calculate the company's ending inventory for 2024, 2025, and 2026,01/01/202412/31/202412/31/2025Ending Inventory atYear-End Costs$ 430,500484,500510,45012/31/2026Cost Index1.051.141.23Inventory Layers Converted to Base Year CostInventoryLayers atBase YearCostInventory atYear-EndCostYear-EndCostIndexMTaWBaseBase2024Base20242025Base202420252026Inventory Layers Converted to CostYear-EndCostIndexInventoryLayers at BaseYear Cost-M".InventoryLayersConverted toCostInventory DVLCost$$$$0000

Name: Problem 8-13 (Algo) Dollar-value LIFO [LO8-8]On January 1, 2024, a co
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Description: 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:Date12/31/2

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

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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 Ending Inventory at Year-End Costs Cost Index $ 430,500 Date 484,500 510,450 Required: Calculate the company's ending inventory for 2024, 2025, and 2026. 1.05 1.14 1.23 Inventory at Year-End Cost Inventory Layers Converted to Base Year Cost Year-End Cost Index Inventory Layers at Base Year Cost Inventory Layers Converted to Cost Year-End Cost Index Inventory Layers at Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost

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 Ending Inventory at Year-End Costs Cost Index $ 430,500 Date 484,500 510,450 Required: Calculate the company's ending inventory for 2024, 2025, and 2026. 1.05 1.14 1.23 Inventory at Year-End Cost Inventory Layers Converted to Base Year Cost Year-End Cost Index Inventory Layers at Base Year Cost Inventory Layers Converted to Cost Year-End Cost Index Inventory Layers at Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost

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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Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2022 Retail 2021 Cost Retail Cost Beginning inventory Purchases $105,400 $170,000 430,000 2,900 6,200 $630,000 $792,000 2,600 6,000 622,000 4,000 Purchase returns 2,450 Freight-in Net markups Net markdowns 8,600 6,400 690,000 14,400 5,300 5,150 4,150 500,000 14,400 1,900 Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 1.00 1.04 1.20 Problem 9-13 (Algo) Part 1 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. X Answer is complete but not entirely correct. 2021 2022 Estimatedending inventory at…
Exercise 8-19 (Static) Perpetual FIFO adjusted to periodic LIFO; LIFO reserve [LO8-1, 8-4, 8-6] To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand—20,000 units; cost $12.20 each. Feb. 12 Purchased 70,000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50,000 units for $12.80 each. Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40,000 units for $13.20 each. Dec. 31 Inventory on hand—60,000 units. Required:1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system.2. Determine the amount Treynor would report externally for ending inventory and cost of goods…
2 Required information Problem 8-1 (Static) Various inventory transactions; journal entries [LO8-1, 8-2, 8-3] [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $22,000 on October 12. Terms of the purchase were 2/10 /30 Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $500 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $18,000 was sold on account for $28,000. d. It was determined that inventory on hand at the end of October cost $19,060. Problem 8-1 (Static) Part 1 Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a…
Date 01/01/2024 12/31/2024 12/31/2025 12/31/2026 12/31/2027 Inventory Layers Converted to Base Year Cost Inventory at Inventory Year-End Layers at Base Cost Year Cost $ 305,000 $ $ 390,660 402,800 $ 457,960 $ 491,700 305,000 398,473 Inventory Layers Converted to Cost Inventory Layers Converted to Cost Inventory Layers at Base Year Cost Base $ 305,000 $ Base $ 305,000 $ 2024 Base 2024 2025 Base 2024 2025 2026 Base 2024 2025 2026 2027 $ $ 305,000 $ 305,000 $ 305,000 305,000 Inventory DVL Cost 305,000 $ 305,000 $ $ $ 305,000 305,000 0 305,000 305,000
Exercise 8-14 (Algo) Inventory cost flow methods; perpetual system [LO8-1, 8-4] [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,900 units; cost $7.00 each. August 8 Purchased 14,500 units for $6.40 each. Sold 11,600 units for Purchased 8,700 units August 14 $12.90 each. August 18 for $6.00 each. August 25 Sold 10,600 units for $11.90 each. August 28 Purchased 4,900 units for $5.80 each. August 31 Inventory on hand-8,800 units. Exercise 8-14 (Algo) Part 1 Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its August 2024 income statement using the FIFO method. Perpetual FIFO: Beginning Inventory Purchases: August 8 August 18 August 28 Total Cost of Goods Available for Sale…
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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
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Question 28 (of 34) Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. December 3-Ripper Corporation sold inventory on account to Berners Corp. for $483,000, terms 1/10, n/30. This inventory originally cost Ripper $310,000. December Corp. inventory to Ripper Corporation for a credit of $3,700. Ripper this inventory to inventory at its original cost of$2,375. December 12 Berners Corp. paid Ripper Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Ripper Corporation. (If no entry is required for a transactionlevent, select Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the entry for sale of inventory on account.