Calculate the inventory turnover for 2020, 2021, and 2022. (Rou

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On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $60,000. The following information is available on its inventories for 2020 through 2022.   Year EndingInventoryat December 31 Year-EndConversionFactor* 2020 $68,000 1.10 2021 80,000 1.22 2022 72,000 1.15   *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar.   Dollar-value LIFO ending inventory, 2020 Answer Dollar-value LIFO ending inventory, 2021 Answer Dollar-value LIFO ending inventory, 2022 Answer   Question 2 Not yet answered Marked out of 25.00  Flag question Question text Estimating Inventory Using Gross Profit Method The following data is from Netflicks Company for 2020.   Sales revenue $240,000 Beginning inventory 32,000…

‒The company uses LIFO periodic inventory method. Given the following information, what LIFO liquidation profit in 2020, if any, does the firm disclose in a footnote. Please put the after tax profit (21 percent) Year Units Purchased Cost Per Unit Units Sold Sales Price Per Unit 2018 400 5 150 11 2019 200 6 125 12 2020 300 8 550 15

At the beginning of 2024, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool's value on that date was $1,250,000. The 2024 ending inventory valued at year- end costs was $1,484,000 and the year-end cost index was 1.06. Calculate the inventory value at the end of 2024 using the dollar-value LIFO method.

Required information [The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $43,000 and a cost of $33,210 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $249,510 6,300 4,800 26,500 Retail $470,000 22,000 446,500 8,000 4,500 23,000 22,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $55,080, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 102% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $47,250, the cost-to-retail percentage for…

Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below.     Item D   Item E   Item F   Item G   Item H   Item I Estimated selling price   $138     $127     $109     $104     $127     $104   Cost   86     92     92     92     58     41   Cost to complete   35     35     29     40     35     35   Selling costs   12     21     12     23     12     23   Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D     $enter a dollar amount Item E     $enter a dollar amount Item F     $enter a dollar amount Item G     $enter a dollar amount Item H     $enter a dollar amount Item I     $enter a dollar amount

Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2020, the following information was obtained from the inventory records:   2019 2020 Ending inventory, FIFO $78,650 $93,250 Ending inventory, LIFO 68,500 78,350           Required:   Prepare the necessary entry to convert to LIFO at the end of 2020.

17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750 P7500 7 5,100 5,850 15 7,600 6,300 25 6,600 4,950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. а. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020? b. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020? С. Under the weighted average cost method, what is the amount allocated to the ending inventory on January 31, 2020?

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