Presented below is information related to Kingbird, Inc.End-of-YearInventoryPriceDate(End-of-Year Prices)IndexDecember 31, 2017$ 1,200,000100December 31, 20181,522,500105December 31, 20191,562,000110December 31, 20201,813,500117Compute the ending inventory for Kingbird, Inc. for 2017 through 2020 using the dollar-value LIFO method.Ending Inventory2017201820192020$%24%24

Inventory represents the current asset and reported in the balance sheet of the company.

Answered: End-of-Year Price Inventory…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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
2021 2020 2019 Cost of goods sold $15,357 $13,433 $14,619 Inventories 3,414 3,266 3,379 Current assets 22,545 19,240 20,411 Current liabilities 19,950 14,601 26,973 In the notes to its financial statements, Coca-Cola disclosed that it uses the FIFO and average cost formulas to determine the cost of its invertory. The industry averages for the inventory tumover, days in inventory, and current ratios are as follows: 2021 2020 Inventory turnover 8.1 times 10.1 times Days in inventory 45 days 36 days Current ratio 0.9:1 1.1:1 (a1) Calculate Coca-Cola's inventory tumover, days in inventory, and current ratios for 2021 and 2020. (Round inventory turnover and ratio to 1 decimal place, e.g. 15.2. Round days in inventory to the nearest day, e.g. 15 days. Use 365 days for calculation.) Inventory Tumover Days In Inventory Current Ratio 2021 times days :1 2020 times days
Duke Boudreau, Inc. decided to adapt Dollar Value LIFO in 2017, the following data represents DB's ending inventory along with the price index for each year: December 31 Price Index 2017 $200,000 2018 $206,000 2019 $250,000 2020 $275,000 2021 $290,000 2022 $300,000 100 102 110 115 120 121 Rounding all calculations to the nearest dollar, calculate Ending Inventory for December 31, 2022 using Dollar Value LIFO
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Buffalo Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $57,000 and a retail price of $100,000. The following information is available. 2024 2025 2026 2027 Year-End Inventory at Retail $121.980 Ending inventory 137,500 116,280 167,500 Current Year Cost-Retail% 2024 60% 61% 62% 59% Year-End Price Index $ 107 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answers to O decimal places, e.g. 28,987.) 110 114 125 2025 2026 2027
Complete the missing piece of information involving the changes in inventory, and their relationship to goods available for sale, for the two years shown: 2021 2022 Beginning inventory 10,000 7,000 Purchases 25,000 3,000 Goods available for sale 35,000 ? Ending inventory 7,000 ? Cost of goods sold ? 8,500
The Product inventory balance of 62,754 on December 31, 2010 is based on the following information: $-Value LIFO index at January 1, 2006 1.0000 $-Value LIFO index at December 31, 2006 1.0425 $-Value LIFO index at December 31, 2007 1.0750 $-Value LIFO index at December 31, 2008 1.0675 $-Value LIFO index at December 31, 2009 1.1400 $-Value LIFO index at December 31, 2010 1.1825 Ending inventory valued at FIFO $72,000 Dec 31 Ending product inventory of $85,000 valued at FIFO. Index value for $- Value LIFO on December 31,2011, is 1.2333. Need help making a closing entry for the bolded. Above it is some background
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Patel Company adopted the dollar-value inventory method on 12/31 / 20 . Inventory data are as follows: Inventory Price Year at Yr End Index 2020 5,785 1.00 2021 9,2501.23 202211,225 1.36 20238,575 1.25 2024 16,425 1.40 Instructions : Calculate the inventory for must show your work . 20, 2021, 2022, 20 and 2024.
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End-of-Year Price Inventory (End-of-Year Prices) Date Index December 31, 2017 $ 1,200,000 100 December 31, 2018 1,522,500 105 December 31, 2019 1,562,000 110 December 31, 2020 1,813,500 117