Question 4 of 6 < > Current Attempt in Progress Your answer is partially correct. The following information relates to the Charles Wilson Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2021 $63,600 100 December 31, 2022 104,312 118 December 31, 2023 112,320 130 December 31, 2024 125,826 134 December 31, 2025 117,880 140 0.67 / 1.67 Use the dollar-value LIFO method to compute the ending inventory for Wilson Company for 2021 through 2025. Ending Inventory 2021 $ 63600 2022 $ 92864 2023 $ 92864 2024 $ 100234 2025 $ !!!

Question 4 of 6 < > Current Attempt in Progress Your answer is partially correct. The following information relates to the Charles Wilson Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2021 $63,600 100 December 31, 2022 104,312 118 December 31, 2023 112,320 130 December 31, 2024 125,826 134 December 31, 2025 117,880 140 0.67 / 1.67 Use the dollar-value LIFO method to compute the ending inventory for Wilson Company for 2021 through 2025. Ending Inventory 2021 $ 63600 2022 $ 92864 2023 $ 92864 2024 $ 100234 2025 $ !!!

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 15P: (Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and...

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(Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and 2021 for Parry Company: Required: 1. Assume the inventory that existed at the end of each year was sold in the subsequent year. Prepare journal entries to record the lower of cost or net realizable value for each of the following alternatives: a. allowance method, periodic inventory system b. direct method, periodic inventory system 2. Next Level Refer to your answer for P8-2. How does the use of the periodic inventory system affect the write-down of inventory to the lower of cost or net realizable value?
2. Date The following information relates to the Windsor Company. Ending Inventory Price (End-of-Year Prices) Index December 31, 2023 $ 60,500 100 December 31, 2024 78,000 103 December 31, 2025 90,400 106 December 31, 2026 99,750 108 December 31, 2027 115,680 111 Use the dollar-value LIFO method to compute the ending inventory for Windsor Company for 2023 through 2027.
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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 $265,000. 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 Ending Inventory at Cost Index (Relative to Year-End Costs Base Year) $ 336,600 427,350 405,000 395,200 1.02 1.11 1.08 1.04 Required: Calculate inventory amounts at the end of each year. Note: Round intermediate calculations and final answers to the nearest whole dollars.
Ret Exercise 8-27 (Algo) Dollar-value LIFO (LO8-8] Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $201,000. Inventory data are as follows: Ending Inventory at Ending Inventory at Year Year-End Costs Base Year Costs 2022 2023 $233,100 302,450 303,600 $222,000 263,000 253,000 2024 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.) X Answer is not complete. Inventory Layers Converted to Base Year Cost Inventory DVL Cost Inventory Layers Converted to Cost Inventory at Year-End Cost Year- End Cost Index Inventory Layers at Base Year Inventory Layers at Base Year Cost Year- Inventory Layers Converted to Cost Date End Cost Index Cost 12/31/2021 220,000 X 273,000 X I$ 1 220,000 X Base IS 220,000 8 220,000 S 220,000 12/31/2022 1.05 $ 260,000 Base…