December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 Date 2023 2024 2025 2026 2027 $ $ $ $ $ (End-of-Year Prices) Index $ $81,300 Compute the ending inventory for Oriole Company for 2022 through 2027 using the dollar-value LIFO method. 120,803 119,316 135,394 162,877 194,768 100 Ending Inventory 107 122 133 143 148

December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 Date 2023 2024 2025 2026 2027 $ $ $ $ $ (End-of-Year Prices) Index $ $81,300 Compute the ending inventory for Oriole Company for 2022 through 2027 using the dollar-value LIFO method. 120,803 119,316 135,394 162,877 194,768 100 Ending Inventory 107 122 133 143 148

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Description: December 31, 2022December 31, 2023December 31, 2024December 31, 2025December 31, 2026December 31, 20272022Date20232024202520262027$$$$$(End-of-Year Prices) Index$$81,300Compute the ending inventory for Oriole Company for 2022 through 2027 using the

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 19E: (Appendix 8.1) Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are...

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(Appendix 8.1) Inventory Write-Down Frost Companys inventory records tor the years 2019 and 2020 reveal the cost and market of the January 1, 2019, inventory to be 125,000. On December 31, 2019, the cost of inventory was 130,000, while the market value was only 128,000. The December 31, 2020, market value of inventory was 140,000, and the cost was only 135,000. Frost uses a periodic inventory system. Purchases for 2019 were 100,000 and for 2020 were 110,000. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the journal entries at the end of 2019 and 2020 to record the lower of cost or net realizable value under the (a) allowance method and (b) direct method. 2. Prepare the cost of goods sold section of the income statement and show how the company would record the inventory on its balance sheet for 2019 and 2020 under the (a) allowance method and (b) direct method. 3. Next Level Refer to your answer for P8-3. How does the use of a periodic inventory system versus a perpetual inventory system affect the valuation of inventory and the amount reported as income?
(Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and 2021 for Parry Company: Required: 1. Assume the inventory that existed at the end of each year was sold in the subsequent year. Prepare journal entries to record the lower of cost or net realizable value for each of the following alternatives: a. allowance method, periodic inventory system b. direct method, periodic inventory system 2. Next Level Refer to your answer for P8-2. How does the use of the periodic inventory system affect the write-down of inventory to the lower of cost or net realizable value?
(Appendix 8.1) Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are as follows: Berry uses the periodic inventory method and the FIFO inventory cost flow assumption. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries at the end of each year to record the correct inventory valuation if Berry uses the: a. direct method b. allowance method 2. Next Level Refer to your answer for E8-6. How does the use of a periodic or perpetual inventory system affect the valuation of inventory?
December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 2017 2018 2019 Date 2020 2021 $ $ $ $ Ending Inventory (End-of-Year Prices) $ 78,400 $ 206,816 202,650 228,912 Compute the ending inventory for Vaughn Company for 2017 through 2022 using the dollar-value LIFO method. 274,645 330,962 Price Index Ending Inventory 100 184 210 228 245 254
December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 Date 2026 2027 LA LA $ $ Compute the ending inventory for Nash Company for 2022 through 2027 using the dollar-value LIFO method. tA $ LA Ending Inventory (End-of-Year Prices) $73,200 114,433 111,392 124,714 149,878 177,074 Price Index Ending Inventory 100 103 118 127 137 142
Ending Inventory Price Date (End-of-Year Prices) Index December 31, 2022 $181,000 100 December 31, 2023 254,760 120 December 31, 2024 258,463 131 December 31, 2025 287,716 143 December 31, 2026 328,174 154 December 31, 2027 369,920 160 Compute the ending inventory for Bramble Company for 2022 through 2027 using the dollar-value LIFO method. Ending Inventory 2022 $ +A 2023 EA $ 2024 2025 2026 A +A $ 2027 $ +A
Presented below is information related to Bonita Company. Price Index Date December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 2026 2027 $ $ Ending Inventory (End-of-Year Prices) $ $78,300 115,154 114,696 Compute the ending inventory for Bonita Company for 2022 through 2027 using the dollar-value LIFO method. 128,651 152,755 182,044 Ending Inventory 78300 112805 112800 118012 131986 100 155700 103 118 127 137 142
Presented below is information related to Blossom Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 Date 2026 2027 $ $ $ $ $ Ending Inventory (End-of-Year Prices) $ $73,000 116,596 Compute the ending inventory for Blossom Company for 2022 through 2027 using the dollar-value LIFO method. 113,988 127,889 153,303 185,026 Ending Inventory 73000 113200 96600 100700 111900 Price Index 130300 100 103 118 127 137 142
Company P has the following inventory information: Date December 31, 2021 December 31, 2022 A. $89,684 Ending Inventory (End-of-Year Prices) O B. $112,884 O C. $99,684 O D. $109,884 $ 85,600 99,100 Price Index 100 Use the dollar-value LIFO method to compute the ending inventory for 2022. 111
Presented below is information related to Skysong Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 Date 2026 2027 $ +A Compute the ending inventory for Skysong Company for 2022 through 2027 using the dollar-value LIFO method. $ EA tA +A Ending Inventory (End-of-Year Prices) +A $87,400 119,305 116,388 132,601 157,157 186,480 Ending Inventory 87400 113187 93545 99264 113850 Price Index 100 107 137678 122 133 143 148
Exercise 2: Presented below is information related to Drake Company. Ending Inventory (Yearend Prices) $80,000 115,500 108,000 December 31, 2025 122,200 December 31, 2026 154,000 December 31, 2027 176,900 Compute the ending inventory for Drake Company for 2022 through 2027 using the dollar-value LIFO method. Date December 31, 2022 December 31, 2023 December 31, 2024 Price Index 100 105 120 130 140 145
2. Date The following information relates to the Windsor Company. Ending Inventory Price (End-of-Year Prices) Index December 31, 2023 $ 60,500 100 December 31, 2024 78,000 103 December 31, 2025 90,400 106 December 31, 2026 99,750 108 December 31, 2027 115,680 111 Use the dollar-value LIFO method to compute the ending inventory for Windsor Company for 2023 through 2027.