The January 28, 2020 (fiscal year 2019) financial statements of Firm C reported the following information: FY2019 FY2018 Revenues $2,839,702 $2,314,449 Cost of sales $2,042,600 $1,860,000 Inventories, net 520,000 540,000 LIFO reserve 8,000 6,000 If Firm C had used the FIFO method of inventory costing, the FFY2019 inventory turnover ratio would have been: (Round your answer to two decimal places. For example, if your answer is 6.3276, type in “6.33")

The January 28, 2020 (fiscal year 2019) financial statements of Firm C reported the following information: FY2019 FY2018 Revenues $2,839,702 $2,314,449 Cost of sales $2,042,600 $1,860,000 Inventories, net 520,000 540,000 LIFO reserve 8,000 6,000 If Firm C had used the FIFO method of inventory costing, the FFY2019 inventory turnover ratio would have been: (Round your answer to two decimal places. For example, if your answer is 6.3276, type in “6.33")

Name: The January 28, 2020 (fiscal year 2019) financial statements of Firm
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Description: The January 28, 2020 (fiscal year 2019) financial statements of Firm C reported the following information:FY2019FY2018Revenues$2,839,702$2,314,449Cost of sales$2,042,600$1,860,000Inventories, net520,000540,000LIFO reserve8,0006,000If Firm C had used

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: 2019 2020 Beginning inventory $ (b) $ (d) Sales 250,000 (f) Purchases 120,000 140,000 Purchase returns 2,000 3,000 Ending inventory 45,000 70,000 Gross profit (a) 88,000 Cost of goods sold 111,000 (e) Expenses 70,000 62,000 Net income (c) 26,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 (e) Cost of goods sold (f) Sales
On January 1, 2018, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $310,000. Inventory data for 2018 through 2020 are as follows: Date Ending Inventoryat Year-End Costs Cost Index 12/31/2018 $339,900 1.03 12/31/2019 382,950 1.11 12/31/20 398,650 1.19 Compute: Compute Taylor's ending inventory for 2018, 2019, and 2020.
On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2024 through 2026 are as follows: Ending Inventory at Date Year-End Costs 12/31/2024 12/31/2025 12/31/2026 $ 441,000 487,200 510,000 Required: Cost Index 1.05 1.12 1.20 Calculate the company's ending inventory for 2024, 2025, and 2026. Inventory Layers Converted to Cost Inventory Layers Converted to Base Year Cost Date Inventory at Year-End Year-End Cost Cost Index 01/01/2024 12/31/2024 Inventory Layers at Base Inventory Layers Converted to Cost Inventory Layers at Base Year Year-End Cost Index Year Cost Cost II = Base II = || Base = 2024 = 12/31/2025 = Base = 2024 II II = 2025 12/31/2026 = Base 2024 2025 = || ||| || | || 2026 = Inventory DVL Cost
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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.)
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
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 $
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 $
As a result of its annual inventory count, Bridgeport Corp. determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2019, and December 31, 2020. December 31, 2019, was Bridgeport’s first year end. This information is as follows: Cost Lower of Costand NRV Dec. 31, 2019 $321,800 $283,450 Dec. 31, 2020 $385,600 $352,150 Prepare the journal entries required at December 31, 2019 and 2020, assuming that the inventory is recorded directly at the lower of cost and net realizable value and a periodic inventory system is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/19 enter an account title to record ending inventory at LC and NRV on December 31, 2019 enter a debit amount…
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.)
Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company’s interim income statements as originally reported under the LIFO method follow: 2019 2020 1stQ 2ndQ 3rdQ 4thQ 1stQ Sales $ 29,000 $ 31,000 $ 33,000 $ 35,000 $ 37,000 Cost of goods sold (LIFO) 5,900 6,900 7,700 8,900 10,400 Operating expenses 3,900 4,100 4,500 4,900 5,100 Income before income taxes $ 19,200 $ 20,000 $ 20,800 $ 21,200 $ 21,500 Income taxes (25%) 4,800 5,000 5,200 5,300 5,375 Net income $ 14,400 $ 15,000 $ 15,600 $ 15,900 $ 16,125 If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows: 2019 2020 1stQ 2ndQ…
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 $216,000. Inventory data are as follows: Year Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs 2025 $ 264,600 $ 252,000 2026 354,200 308,000 2027 357,600 298,000 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.

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