The following information is from Durden Company currently using FIFO:Year endedEnding inventoryPrice indexat year-end prices2019$ 80,0001.02020$ 85,0001.22021$120,0001.3What is the dollar value LIFO for the end of year 2021?$98,751$103,000$94,500$92,308

The objective of the question is to calculate the dollar value of the inventory at the end of 2021…

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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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Presented below is information related to Dino Radja Company. Date December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 2026 2027 $ $ Compute the ending inventory for Dino Radja Company for 2022 through 2027 using the dollar-value LIFO method. $ $ 69 $ Ending Inventory (End-of-Year Prices) $ $80,000 115,500 108,000 122,200 154,000 176,900 Price Index Ending Inventory 100 105 120 130 140 145
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Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. Calculate the days in inventory for 2020, 2021, and 2022:
Current Attempt in Progress The following information relates to the Edward Lewis Company. Ending Inventory (End-of-Year Prices) Price Date Index December 31, 2016 $ 69,100 100 December 31, 2017 116,874 129 December 31, 2018 126,841 143 December 31, 2019 142,376 148 December 31, 2020 131,670 154 Use the dollar-value LIFO method to compute the ending inventory for Lewis Company for 2016 through 2020. Ending Inventory 2016 $4 2017 2$ 2018 2019 2020 %24 eTextbook and Media %24
On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $60,000. The following information is available on its inventories for 2020 through 2022. Year EndingInventoryat December 31 Year-EndConversionFactor* 2020 $68,000 1.10 2021 80,000 1.22 2022 72,000 1.15 *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Dollar-value LIFO ending inventory, 2020 Answer Dollar-value LIFO ending inventory, 2021 Answer Dollar-value LIFO ending inventory, 2022 Answer Question 2 Not yet answered Marked out of 25.00 Flag question Question text Estimating Inventory Using Gross Profit Method The following data is from Netflicks Company for 2020. Sales revenue $240,000 Beginning inventory 32,000…
The dollar-value LIFO method was adopted by Splish Corp. on January 1, 2025. Its inventory on that date was $413,600. On December 31, 2025, the inventory at prices existing on that date amounted to $392,000. The price level at January 1, 2025, was 100, and the price level at December 31, 2025, was 112. (a) Your answer is correct. Compute the amount of the inventory at December 31, 2025, under the dollar-value LIFO method. Inventory 12/31/25 under dollar-value LIFO method eTextbook and Media +A 350,000 Attempts: 1 of 4 used
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Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (c) (in millions) Beginning inventory Ending inventory Cost of goods sold Sales revenue (a) Inventory turnover ratio Your answer is correct. Inventory turnover ratio 2020 Days in inventory $116,000 317,500 895,000 1,120,000 1,595,500 1,195,000 eTextbook and Medial Calculate the inventory turnover for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) Gross profit rate 2020 2021 2020 $317,500 2020 410,500 Calculate the inventory turnover for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) 4.1 times 4.1 times 2020 2022 89 days $410,500 476,500 1,297,500 1,894,000 Calculate the days in inventory for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) 2021 % 2021 3.1 times. 2021 3.1 Calculate the gross profit rate for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2 %) 2021 times 117 days 2022 2022 2022 2022 125 2.9 2.9 times times…
Hsieh Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiplepools). The following data are available for inventory pool A for the 2 years following adoption of LIFO:At Base- At CurrentInventory Year Cost Year Cost1/1/2020 $334,000 $334,00012/31/2020 361,000 375,44012/31/2021 412,000 449,080

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The following information is from Durden Company currently using FIFO: Year ended Ending inventory Price index at year-end prices 2019 $ 80,000 1.0 2020 $ 85,000 1.2 2021 $120,000 1.3 What is the dollar value LIFO for the end of year 2021? $98,751 $103,000 $94,500 $92,308