TRM Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. TRM uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. The cumulative price indices for 2022, 2023, and 2024, respectively are 1.00, 1.066, and 1.1127. Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price Index amounts to four decimal places as glven in the Information, xxxxx. Round all interrmediary currency calculations and the armounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation amIount) Year 2022 2023 2024 2022 layer 2023 layer Requirements 2024 layer liquidation - 2023 layer 2024 layer liquidation - 2022 layer Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. a. Ending inventory inrdar dollar-value LIFO b. Prepare the journal entry required to adjust the LIFO reserve for each year. Data tabie Description 2023 Base Year: 2022 2024 Total FIFO Total FIFO Total FIFO Inventory Units Cost Units Cost Units Cost Flame 3,000 $ 400,000 6,000 $ 672,000 6,000 $ 415,000 Globe 7,000 650,000 4,000 582,000 7,000 390,000 HD3 2,000 420,000 3,000 835,000 5,000 190,000
TRM Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. TRM uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. The cumulative price indices for 2022, 2023, and 2024, respectively are 1.00, 1.066, and 1.1127. Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price Index amounts to four decimal places as glven in the Information, xxxxx. Round all interrmediary currency calculations and the armounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation amIount) Year 2022 2023 2024 2022 layer 2023 layer Requirements 2024 layer liquidation - 2023 layer 2024 layer liquidation - 2022 layer Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. a. Ending inventory inrdar dollar-value LIFO b. Prepare the journal entry required to adjust the LIFO reserve for each year. Data tabie Description 2023 Base Year: 2022 2024 Total FIFO Total FIFO Total FIFO Inventory Units Cost Units Cost Units Cost Flame 3,000 $ 400,000 6,000 $ 672,000 6,000 $ 415,000 Globe 7,000 650,000 4,000 582,000 7,000 390,000 HD3 2,000 420,000 3,000 835,000 5,000 190,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:TRM Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. TRM uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table.
The cumulative price indices for 2022, 2023, and 2024, respectively are 1.00, 1.066, and 1.1127.
Requirement
XXXXX. Round all intermediary currency calculations and the armounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation arTIount)
Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price Index amounts to four decimal places as glven in the Information,
Year
2022
2023
2024
2022 layer
2023 layer
Requirements
2024 layer liquidation - 2023 layer
2024 layer liquidation - 2022 layer
a. Compute the company's ending inventory using dollar-value LIFO for each
year. Treat the three models as one group. Round to the nearest dollar.
Ending inventory nrlar dollar-value LIFO
b. Prepare the journal entry required to adjust the LIFO reserve for each year.
Data tapie
Description
Base Year: 2022
2023
2024
Total FIFO
Total FIFO
Total FIFO
Inventory
Units
Cost
Units
Cost
Units
Cost
Flame
3,000 $
400,000
6,000 $
672,000
6,000 $
415,000
Globe
7,000
650,000
4,000
582,000
7,000
390,000
HD3
2,000
420,000
3,000
835,000
5,000
190,000
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