Question

On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory....

On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $212,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:

Year Ended
December 31		 Inventory at
Year-end
Costs		 Cost Index
(Relative to
Base Year)
2021 $ 285,120 1.08
2022 337,120 1.12
2023 340,400 1.15


Required:
Compute inventory amounts at the end of each year using the dollar-value LIFO method.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 1, 2018, the National Furniture Company adopted the dollar-value LIFO method of computing inventory....
On January 1, 2018, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:                                Inventory at Cost Index Year Ended Year-end (Relative to December 31     Costs               Base Year)       2018 $259,200 1.08       2019 296,800 1.12       2020 299,000 1.15 Required: Compute inventory amounts at the...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventory at Year-End Costs Cost Index 12/31/2021 $ 441,000 1.05 12/31/2022 487,200 1.12 12/31/2023 510,000 1.2 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023 Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Date Inventory at...
On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one 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 $670,000. The 2021 and 2022 ending inventory valued at year-end costs were $714,000 and $795,000, respectively. The appropriate cost indexes are 1.05 for 2021 and 1.06 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...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for...
On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $300,000. Inventory data for 2021 through 2023 are as follows: Date Ending Inventory at Year-End Costs Cost Index 12/31/2021 $ 332,800 1.04 12/31/2022 368,500 1.10 12/31/2023 383,500 1.18 Required: Calculate Taylor's ending inventory for 2021, 2022, and 2023.
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO...
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 $219,000. Inventory data are as follows: Year Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs 2022 $ 270,900 $ 258,000 2023 364,550 317,000 2024 368,400 307,000 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO...
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 $203,000. Inventory data are as follows: Year Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs 2022 $ 237,300 $ 226,000 2023 309,350 269,000 2024 310,800 259,000 Required: Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to...
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used...
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2018, with an inventory of $255,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ending inventory at year end costs cost index 2018 319,300 1.03 2019 406,560 1.12 2020 384,770 1.09 2021 372,750 1.05 What are the inventory at year end...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO...
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 $209,000. Inventory data are as follows: Year Ending Inventory at Year-End Costs Ending Inventory at Base Year Costs 2022 $ 249,900 $ 238,000 2023 330,050 287,000 2024 332,400 277,000
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $700,000. The 2018 and 2019 ending inventory valued at year-end costs were $741,000 and $819,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.05 for 2019. Required: Complete the below table to calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round "Year end cost index" to...
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this...
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $100,700. 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 2021 $ 128,205 1.05 2022 146,080 1.10 2023 156,540 1.20 In determining the inventory balance for Badger to report in its 12/31/2022 balance sheet: Multiple Choice An additional layer of $11,770 is...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT