The ending inventory for 2016 at dollar value LIFO and LIFO reserves needed and journal entry to record the LIFO reserves. Given information: Cumulative price index for 2015, 2016 and 2017 is 1, 1.3385 and 1.4399 respectively. Ending inventory under FIFO in 2015, 2016 an 2017 is $6,790, $12,180 and $19,439 respectively. Beginning inventory under FIFO is $6,790.

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Answer 1

Question

Chapter 10, Problem 10.4P

a.

To determine

The ending inventory for 2016 at dollar value LIFO and LIFO reserves needed and journal entry to record the LIFO reserves.

Given information:

Cumulative price index for 2015, 2016 and 2017 is 1, 1.3385 and 1.4399 respectively.

Ending inventory under FIFO in 2015, 2016 an 2017 is $6,790, $12,180 and $19,439 respectively.

Beginning inventory under FIFO is $6,790.

b.

To determine

The ending inventory for 2017 at dollar value LIFO and LIFO reserves needed and journal entry to record LIFO reserves.

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Answer 2

Question

Chapter 10, Problem 10.4P

a.

To determine

The ending inventory for 2016 at dollar value LIFO and LIFO reserves needed and journal entry to record the LIFO reserves.

Given information:

Cumulative price index for 2015, 2016 and 2017 is 1, 1.3385 and 1.4399 respectively.

Ending inventory under FIFO in 2015, 2016 an 2017 is $6,790, $12,180 and $19,439 respectively.

Beginning inventory under FIFO is $6,790.

b.

To determine

The ending inventory for 2017 at dollar value LIFO and LIFO reserves needed and journal entry to record LIFO reserves.

Expert Solution & Answer

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Answer 3

Question

Chapter 10, Problem 10.4P

a.

To determine

The ending inventory for 2016 at dollar value LIFO and LIFO reserves needed and journal entry to record the LIFO reserves.

Given information:

Cumulative price index for 2015, 2016 and 2017 is 1, 1.3385 and 1.4399 respectively.

Ending inventory under FIFO in 2015, 2016 an 2017 is $6,790, $12,180 and $19,439 respectively.

Beginning inventory under FIFO is $6,790.

b.

To determine

The ending inventory for 2017 at dollar value LIFO and LIFO reserves needed and journal entry to record LIFO reserves.

Expert Solution & Answer

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Answer 4

Question

Chapter 10, Problem 10.4P

a.

To determine

The ending inventory for 2016 at dollar value LIFO and LIFO reserves needed and journal entry to record the LIFO reserves.

Given information:

Cumulative price index for 2015, 2016 and 2017 is 1, 1.3385 and 1.4399 respectively.

Ending inventory under FIFO in 2015, 2016 an 2017 is $6,790, $12,180 and $19,439 respectively.

Beginning inventory under FIFO is $6,790.

b.

To determine

The ending inventory for 2017 at dollar value LIFO and LIFO reserves needed and journal entry to record LIFO reserves.

Expert Solution & Answer

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Answer 5

Chapter 10, Problem 10.4P

a.

To determine

The ending inventory for 2016 at dollar value LIFO and LIFO reserves needed and journal entry to record the LIFO reserves.

Given information:

Cumulative price index for 2015, 2016 and 2017 is 1, 1.3385 and 1.4399 respectively.

Ending inventory under FIFO in 2015, 2016 an 2017 is $6,790, $12,180 and $19,439 respectively.

Beginning inventory under FIFO is $6,790.

b.

To determine

The ending inventory for 2017 at dollar value LIFO and LIFO reserves needed and journal entry to record LIFO reserves.

Answer 6

Chapter 10, Problem 10.4P

a.

To determine

The ending inventory for 2016 at dollar value LIFO and LIFO reserves needed and journal entry to record the LIFO reserves.

Given information:

Cumulative price index for 2015, 2016 and 2017 is 1, 1.3385 and 1.4399 respectively.

Ending inventory under FIFO in 2015, 2016 an 2017 is $6,790, $12,180 and $19,439 respectively.

Beginning inventory under FIFO is $6,790.

Answer 7

Chapter 10, Problem 10.4P

a.

To determine

The ending inventory for 2016 at dollar value LIFO and LIFO reserves needed and journal entry to record the LIFO reserves.

Given information:

Cumulative price index for 2015, 2016 and 2017 is 1, 1.3385 and 1.4399 respectively.

Ending inventory under FIFO in 2015, 2016 an 2017 is $6,790, $12,180 and $19,439 respectively.

Beginning inventory under FIFO is $6,790.

Answer 8

b.

To determine

The ending inventory for 2017 at dollar value LIFO and LIFO reserves needed and journal entry to record LIFO reserves.

Answer 9

b.

To determine

The ending inventory for 2017 at dollar value LIFO and LIFO reserves needed and journal entry to record LIFO reserves.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

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The ending inventory for 2017 at dollar value LIFO and LIFO reserves needed and journal entry to record LIFO reserves.

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