Question
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 2 decimal places. Round other final answer values to the nearest whole dollars.)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
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, 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, 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, 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...
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.
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the...
Canova Corporation adopted the dollar-value LIFO retail method
on January 1, 2021. On that date, the cost of the inventory on hand
was $25,000 and its retail value was $31,250. Information for 2021
and 2022 is as follows:
Ending Inventory
at Retail
Retail Price
Index
Cost-to-Retail
Percentage
Date
12/31/2021
$
52,000
1.30
84
%
12/31/2022
$
60,000
1.28
85
%
Required:
1. What is the cost-to-retail percentage for the
inventory on hand at 1/1/2021?
2. Calculate the inventory value at...
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...
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...
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...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 35 minutes ago
asked 35 minutes ago
asked 45 minutes ago
asked 47 minutes ago
asked 52 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago
asked 2 hours ago