Carswell Electronics adopted the dollar-value LIFO method on January 1, 2016, when the inventory value of its one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2016, the CPI was 240. On December 31, 2016, inventory valued at year-end cost was $880,000 and the CPI was 264. Required: Calculate the inventory value at the end of 2016 using the dollar-value LIFO method.

Q: Elster Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2007. Its…

A: Date Inventory Amount $ Cost of ending inventory CPI Dec 31 , 2017 220000   100 Dec 31…

Q: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: Cullumber Company had a January 1 inventory of $300000 when it adopted dollar-value LIFO. During the…

A: being a current asset, inventory's liquidity varies based on the products it holds. Ending…

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: The Genworth Company adopted the dollar-valu LIFO method on January 1, 2021 when the inventory value…

A: Inventory at the end: It refers to the stock in hand at the end of the year and reported in the…

Q: Please show work

A: date ending inventory at base year cost inventory layers at base year cost inventory layers…

Q: Tim Mattke Company began operations in 2018 and for simplicity reasons, adopted weighted-average…

A: a.

Q: Jackson Company adopted Dollar Value LIFO on January1,2011 for its one inventory pool. The…

A: The objective of this question is to calculate the ending inventory value of Jackson Company at…

Q: The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that…

A: ENDING INVENTORY USING DOLLAR - VALUE LIFO METHOD : = INVENTORY LEVEL / PRICE LEVEL

Q: In 2017, Blue company adopted the Dollar-Value LIFO method for externally reporting inventory. The…

A: Dollar value LIFO method: This method is different model for the last-in first layering model. Under…

Q: ts one inventory pool were as follows: ding Inventory at Cost Index (Relative to Year-End Costs $…

A: Businesses may make well-informed decisions regarding pricing, manufacturing, purchasing, and…

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: Inventory is the current assets of the company that is used in the production process.

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

A: LIFO stands for Last In first out. Using LIFO, the newer inventory is sold at first and older…

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: What is the internal price index? What is the dollar-value LIFO inventory?

A: LIFO is the Last in first out inventory method in which inventory purchased last will be sold first.…

Q: Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price…

A: LIFO is last in first out method of inventory valuation in which inventories which are purchased at…

Q: December 31 2024 2025 2026 2027 $ $ $ Year-End Costs 96,460 131,100 141,120 $ $ Base-Year Costs…

A: DVL stands for Dollar Value LIFO method. LIFO stands for Last in first out.

Q: On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this…

A: The LIFO stands for Last in First Out. The dollar value LIFO method is used to determine the cost of…

Q: A company adopted the dollar-value LIFO inventory method on January 1, 2024. In applying the LIFO…

A: The inventory can be valued using different methods as FIFO, LIFO and Average method. DVL stands for…

Q: Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since…

A: There are two methods of verification of materials. They are periodic inventory system and perpetual…

Q: A. (1) At what amount will One-Stop Shopping Mart report their Ending Inventory on their December…

A: Dollar Value LIFO Method is a technique for valuation of closing inventory using the prices not the…

Q: Pierce Ltd. (Pierce) decided to change the costing method for its inventory at its December 31,…

A: Inventories are valued as per the accounting and valuation method followed by the company. There are…

Q: Compute the ending inventory for Sunland Company for 2016 through 2018 using the dollar-value LIFO…

A: Ending inventory :   2016 2017 2018 Calculation 184500* 100/100 = 184500 184500*100/100 =…

Q: Baldor Company reports inventory at cost of $72,000 and retail of $156,000 on January 1, 2020.…

A: Retail Method: This is a method used to determine the relationship between the cost price and the…

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: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…

A: The inventory valuation is very important, the inventory is generally shown at cost at the balance…

Q: Rodriguez Corporation issues 9,000 shares of its common stock for $59,000 cash on February 20.…

A: The issue of common stock is the method of generating finance for the company. It may be issued at…

Q: Pharoah Company has used the dollar-value LIFO method since January 1, 2017. Pharoah uses internal…

A: Price index 2018 = Inventory at current year cost/inventory at base year cost = $1482, 000/1300000 =…

Q: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…

A: LIFO stands for Last in first out. Using LIFO, the newer inventory is sold out and older inventory…

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: Pearl Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $214,532 at both cost and…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory cost on this date…

A: To find the inventory balance the company would report on its December 31, 2026 balance sheet using…

Q: On January 1, 2016, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

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

Q: Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted…

A: Dollar Value LIFO Method: It is a method in accounting, where the inventory is valued as per the…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory value for its one…

A: The inventory can be valued using various methods as LIFO, FIFO and average method. dollar value…

Q: Webster Products, Inc., adopted the dollar-value LIFO method of determining inventory costs for…

A: Inventory costing method:The costing method that is used to record the cost of goods sold, and…

Q: On January 1, 2024, a company adopted the dollar-value LIFO method. The inventory cost on this date…

A: Answer:- Inventory meaning:- The products and supplies that a company keeps on hand for…

Q: On December 31, 2016, the inventory of Powhattan Company amounts to $800,000. During 2017, the…

A: Compute the inventory value at December 31, 2017, under the dollar-value LIFO method:

Q: Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: The dollar value LIFO method of inventory valuation refers to a method which follow last in first…

Q: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…

A: The ending inventory comprises the cost of units that are not sold yet. Using dollar value LIFO…

Q: A company uses the dollar-value LIFO method of computing inventory. An external price index is used…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: onnie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At…

A: Inventory is the current assets. The entity sales the product and items left unsold in the hand is…

Q: Crane Company adopted the dollar-value LIFO method on January 1, 2025 (using internal price indexes…

A: Inventory at base year prices is computed as  Inventory at end of year prices divided by Price…

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.