dollar-value LIFO method

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

A: Date Inventory atEnd-of-year Prices Price Index Inventory at Base-year Prices Changefrom Prior Year…

Q: Presented below is information related to Nash Company. Date   Ending Inventory (End-of-Year…

A: Under dollar value LIFO method, the goods are taken collectively into the form of pools and then…

Q: The dollar-value LIFO method was adopted by Windsor Corp. on January 1, 2017. Its inventory on that…

A: Calculation of amount of the inventory at December 31, 2017, under the dollar-value LIFO method:…

Q: Presented below are selected account balances for Bonita Co. as of December 31.2020. Inventory…

A: Closing entries are the journal entries prepared at the end of an accounting year to transfer the…

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

A: Last-in-First-Out: In Last-in-first-out method, the costs of last purchase items are considered as…

Q: At the beginning of 2016, a company adopts the dollar-value LIFO inventory method for its one…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index…

A: Dollar-Value-LIFO: This method shows all the inventory figures at a dollar price rather than units.…

Q: Andover Stores uses the average cost retail method to estimate its ending inventory. Information as…

A: Estimated ending inventory is the amount of inventory that an entity might have at the end of the…

Q: Whispering Company had ending inventory at end-of-year prices of $104,000 at December 31, 2019;…

A: Year Inventory at end of year prices Price index Inventory at base year prices Change from Prior…

Q: Alster Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2015.…

A: Solution : Computation of inventory at base year prices and change from prior year - Alster…

Q: On January 1, 2016, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A:

Q: Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2016; $119,900…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

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

A: LIFO Method:   It is a method of inventory valuation where the inventory purchased last will be sold…

Q: 2) Golden Products, Inc. adopted the dollar-value LIFO method of computing inventory on January 1,…

A: Solution: Computation of inventory at base year prices and change from prior year - Golden…

Q: Pharoah Company had the following records:     2022   2021 Ending inventory   $ 42000   $ 30000…

A: Average inventory = Beginning inventory + ending inventory) / 2 = (42000 + 30000) = $36,000

Q: Marigold Company has used the dollar-value LIFO method for inventory cost determination for many…

A: Determine the amount of change in base price.

Q: Sultan Co. uses the retail inventory method to estimate its inventory for interim statement…

A: Inventory is the current asset of the company that includes the raw materials which are required to…

Q: The Shill Company uses the dollar-value LIFO method for valuing inventory. The following inventory…

A: Year 2 value on the basis of base year=Year 2 inventory×Price index year 1Price index year…

Q: Kingston Company uses the dollar-value LIFO method of computing Inventory. An external price Index…

A: LIFO stands for Last in, first out, it is the method which is used for the inventory accounting that…

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: Mercury Company has only one Inventory pool. On December 31, 2018, Mercury adopted the dollar-value…

A: Computation of Year End Cost Index is as follows:

Q: The Tam Company uses the retail inventory method and the average cost flow assumption for…

A: Formula: Selling price of good available = Beginning inventory + purchases + markup Sum of beginning…

Q: Presented below is information related to Crane Company. Date   Ending Inventory (End-of-Year…

A: Date Ending Inventory(End-of-Year Prices) PriceIndex Inventory at base year price Change from the…

Q: Presented below is information related to Dino Radja Company.    Date       Ending…

A: Last in First Out (LIFO): Under this inventory method, the units that are purchased last, are sold…

Q: On January 1, 2011, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: Inventory on Jan-1 is $ 200,000. If we assume prices at the beginning of the year to be 100%, we can…

Q: The information below is provided for Sea Company: Year Ending Inventory End- of-Year Prices Cost…

A: The dollar value LIFO method is an approach where all the goods are pooled and the increase and…

Q: Presented below is information related to Bonita Company. Ending Inventory (End-of-Year Prices) $…

A: The following are the workings to calculate the dollar value of ending inventory: The base year…

Q: The following information relates to the Jimmy Johnson Company.    Date       Ending…

A: The dollar-value LIFO method is used by the companies which accounts the inventory by using LIFO…

Q: At December 31, 2020, the following information was available from HIBISCUS Company's accounting…

A: The retail Inventory Method is an accounting method used to ascertain the value of the Closing…

Q: On January 1, 2016, the Taylor Company adopted the dollar-value LIFO method. The inventory value for…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: Mercury Company has only one inventory pool. On December 31, 2016, Mercury adopted the dollar-value…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: The following information relates to the Jimmy Johnson Company. Date   Ending Inventory…

A: Statement for computation of Change in Inventory (Amt $) Date Inventory at the end of year…

Q: The following information relates to the Edward Lewis Company. Ending Inventory (End-of-Year Prices)…

A: The value of goods still available for sale and held by a company at the end of an accounting period…

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: Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 # Units Cost Sale price…

A: Perpetual Inventory System is a system of recording stores balances after every receipt and issue…

Q: You are provided with the following information for Koetteritz Inc. for the month  ended June 30,…

A: Here in this question, we are required to calculate inventory under periodic inventory system. In…

Q: UMET's Stores had the following inventory transactions in 2020:                       Transaction…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Tamarisk Company had ending inventory at end-of-year cost of $116,900 at December 31, 2016; $143,640…

A: The dollar value of LIFO strategy collects total cost data for a lot of stock, with the goal that…

Q: Pharoah Company had the following records:     2022   2021 Ending inventory   $42000   $30000…

A: In order to determine the average days in inventory, the total no. of days in a year are required to…

Q: This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning…

A: Inventory turnover = cost of goods sold / Average inventory where, Average inventory = (beginning…

Q: Presented below is information related to Dino Radja Company.…

A: End of year prices and index price details are given. The ending inventory has to be computed using…

Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…

A: Gross profit  = Sales Revenue - Cost of Goods Sold Gross profit percentage = Gross Profit / Sales…

Q: acme company had the following records:                                               2022…

A: The average days in inventory is calculated as average inventory divided by cost of goods sold and…

Q: The following information relates to the David Davis Company. Price Ending Inventory (End-of-Year…

A: Solution: Computation of inventory at base year prices and change from prior year - David Davis…

Q: Presented below is information related to Langston Hughes Corporation.   Price 0Index0 LIFO…

A: LIFO Method:   It is an inventory valuation method where the inventory purchased last will be sold…

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.