Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $900,000. Inventory data are as follows: Year   Inventory at year-end prices   Price index (base year 2019) 2020   $1,228,500     1.05   2021   1,844,600     1.15   2022   1,900,000     1.25   Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year. Inventory at December 31, 2020   $  Inventory at December 31, 2021   $  Inventory at December 31, 2022

Q: Required information [The following information applies to the questions displayed below.] Raleigh…

A: Inventory refers to the stock that is available to the firms for the purpose of manufacturing,…

Q: What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO?

A: if the inventory valuation is as per LIFO basis then the latest stock will sold out first and…

Q: The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that…

A: ENDING INVENTORY USING DOLLAR - VALUE LIFO METHOD : = INVENTORY LEVEL / PRICE LEVEL

Q: Sheridan Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Lets understand the basics. As per IAS 2 "Inventories", inventory should be recorded at lower of…

Q: Whispering Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At…

A: DVL stands for dollar value LIFO method. LIFO stands for Last In first out. Using LIFO, the newer…

Q: Sandhill Corporation adopted the dollar-value LIFO method of inventory valuation on December 31,…

A: LIFO stands for Last In first out. Using LIFO, the newer inventory is sold at first and older…

Q: Kingbird Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At…

A: calculation of ending inventory for 2024,2025,2026 and 2027 are as follows

Q: Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its…

A: LIFO is last in first method that is used for inventory valuation. This says that inventory which is…

Q: Calculate inventory amounts at the end of each year.

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Q: Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price…

A: LIFO is last in first out method of inventory valuation in which inventories which are purchased at…

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: Beginning inventory = Ending inventory of previous year Cost of goods sold = Beginning inventory +…

Q: Pharoah Company has used the dollar-value LIFO method since January 1, 2017. Pharoah uses internal…

A: Price index 2018 = Inventory at current year cost/inventory at base year cost = $1482, 000/1300000 =…

Q: A company has the following information available that was used to report inventory using the…

A: Most of ending inventory is to be reported at cost index 1.06

Q: Guinea, Inc. adopted the dollar-value LIFO retail price index was 100. The following information was…

A: Effective inventory management guarantees that a company can satisfy customer requests, maintain a…

Q: Whispering, Inc, uses the dollar-value LIFO method of computing its inventory. Data for the past 3…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory cost on this date…

A: To find the inventory balance the company would report on its December 31, 2026 balance sheet using…

Q: please explain your answer

A: Stellar Corporation: Dollar-Value LIFO Inventory CalculationsYear-End Inventory at LIFO Cost: We'll…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. Using LIFO…

Q: Presented below is information related to Bonita Company. Ending Inventory Price Index (End-of-Year…

A: Inventory valuation refers to the process of computing the value of ending inventory, cost of goods…

Q: Compute the ending inventory under the dollar-value LIFO method at December 31, 2026. The…

A: As per LIFO method, records the most recently produced items as sold first.LIFO means. last in first…

Q: Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted…

A: Dollar Value LIFO Method: It is a method in accounting, where the inventory is valued as per the…

Q: Compute the ending inventory using the dollar value LIF0 method for 2019, 2020, and 2021. Do not…

A: Inventory valuation refers to the methods used by the company to determine the value of its…

Q: Taylor Company uses a periodic inventory system. The following is partial information from its…

A: Beginning inventory = Cost of goods sold + Ending inventory - (Purchases - Purchase returns) Gross…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. dollar value…

Q: The following information relates to the Brian Lee Company.

A: Ending inventory is an important component of a company's balance sheet, and precise value is…

Q: The following information is from Durden Company currently using FIFO: Year ended Ending inventory…

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

Q: 2019 2020 1stQ $ 31,000 6,100 4,100 $ 20,800 5,200 2ndQ $ 33,000 7,100 4,300 $ 21,600 5,400 3rdQ $…

A:

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory cost on this date…

A: Answer:- Inventory meaning:- The products and supplies that a company keeps on hand for…

Q: On January 1, 2020, Temple Company adopted the dollar-value LIFO method for its one inventory pool.…

A: The question is based on the concept of Financial Accounting.

Q: Sunland Company's inventory on January 1, 2025, cost and retail are $97,500 and $141,000,…

A: Inventory - The products and materials that a company keeps on hand with the intention of reselling,…

Q: At the beginning of 2024, a company adopts the dollar-value LIFO inventory method for its one…

A: Inventory includes raw materials, work-in-process and finished goods. An inventory refers to all…

Q: Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019;…

A: Dollar Value LIFO Method Date Inventory at the end of the year Price Index Inventory at base year…

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: The dollar value LIFO method of inventory valuation refers to a method which follow last in first…

Q: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…

A: The ending inventory comprises the cost of units that are not sold yet. Using dollar value LIFO…

Q: A company uses the dollar-value LIFO method of computing inventory. An external price index is used…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: Crane Company adopted the dollar-value LIFO method on January 1, 2025 (using internal price indexes…

A: Inventory at base year prices is computed as  Inventory at end of year prices divided by Price…

Q: dollar-value LIFO method

A: Year Inventory  (end Year) (Actual Cost) Price Index nventory  (end Year) (base year Cost)…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.