The Genworth Company adopted the dollar-valueLIFO method on January 1, 2021 when theinventory value of its one inventory pool was$594,000. The company decided to use anexternal index, the Consumer Price Index (CPI), toadjust for changes in the cost level. On January 1,2021, the CPI was 240. On December 31, 2021,inventory valued at year-end cost was $672,000and the CPI was 252. Required: Calculate theinventory value at the end of 2021 using thedollar-value LIFO method.

Inventory at the end: It refers to the stock in hand at the end of the year and reported in the…

The Genworth Company adopted the dollar-valu LIFO method on January 1, 2021 when the inventory value of its one inventory pool was $594,000. The company decided to use an external index, the Consumer Price Index (CPI), t adjust for changes in the cost level. On January 2021, the CPI was 240. On December 31, 2021, inventory valued at year-end cost was $672,000 and the CPI was 252 Required: Calculate the

The Genworth Company adopted the dollar-valu LIFO method on January 1, 2021 when the inventory value of its one inventory pool was $594,000. The company decided to use an external index, the Consumer Price Index (CPI), t adjust for changes in the cost level. On January 2021, the CPI was 240. On December 31, 2021, inventory valued at year-end cost was $672,000 and the CPI was 252 Required: Calculate the

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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9. 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 $212,000. Inventory data are as follows: Year Ending Inventory atYear-End Costs Ending Inventory atBase Year Costs 2022 $ 256,200 $ 244,000 2023 340,400 296,000 2024 343,200 286,000 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.)
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: What is the cost of ending inventory at December 31, 2020 under dollar-value LIFO? Date Inventory at current price Current price ind. Dec, 31, 2020 $1,284,000 107 Dec, 31, 2021 $1,450,000 125 Dec, 31, 2022 $1,625,000 130
Carswell Electronics adopted the dollar-value LIFO method on January 1, 2016, when the inventory value of its one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2016, the CPI was 240. On December 31, 2016, inventory valued at year-end cost was $880,000 and the CPI was 264. Required: Calculate the inventory value at the end of 2016 using the dollar-value LIFO method.
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2021 and 2022 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.08 for 2022.Required:Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method.
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
14.
On January 1, 2020, Temple Company adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $600 million. The 2020 and 2021 ending inventory valued at year-end costs were $702 million and $840 million, respectively. The appropriate cost indexes are 1.08 for 2020 and 1.20 for 2021. Required: Show all calculation for the inventory balance that Temple would report on its year-end balance sheets for 1, 2020 and 2. 2021, using the dollar-value LIFO method. ANSWER: 1. December 31, 2020, DVL inventory $ 2. December 31, 2021, DVL inventory $
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2021 and 2022 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.08 for 2022. Required:Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year-end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.)
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Alpesh
Bosco Company adopted the dollar-value LIFO retail method at the beginning of 2024. Information for 2024 and 2025 is as follows. with certain data intentionally omitted: Required: Determine the missing data. Note: Round "Cost-to-Retail Percentage" to the nearest whole percent (i.e., 0.1234 should be entered as 12.34%). Date Inventory 1/1/2024 Inventory, 12/31/2024 2025 net purchases 2025 net sales Inventory, 12/31/2025 $ Cost Inventory 21,000 $ 22,792 60,000 Retail 28,000 33,600 88,400 80,000 Retail Price Index 1.00 1.12 120 Cost-to-Retail Percentage % %
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