Part BGott Company adopted the dollar-value LIFO inventory method on 12/31/19.On this date, its inventory consisted of the following items.Additional information:InstructionsItemXY(a)(b)(c)(d)(e)(f)at December 3112Numberof Units34300900Cost PerUnit$2.504.50Units of X in inventoryValue of each X unitUnits of Y in inventoryValue of each Y unitTotal Cost$7504,050$4,8002020450$3.00$1,3501,200$5.50$6,600Compute the price index for 2020. Round to 3 decimal places.Compute ending inventory at 12/31/2020 in base year dollars.Calculate ending inventory at 12/31/20 for dollar value LIFO.Compute the price index for 2021. Round to 3 decimal places.Compute ending inventory at 12/31/2021 in base year dollars.Calculate ending inventory at 12/31/21 for dollar value LIFO.2021600$3.25$1,9501,800$6.00$10,800

Name: Part BGott Company adopted the dollar-value LIFO inventory method on
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Description: Part BGott Company adopted the dollar-value LIFO inventory method on 12/31/19.On this date, its inventory consisted of the following items.Additional information:InstructionsItemXY(a)(b)(c)(d)(e)(f)at December 3112Numberof Units34300900Cost PerUnit$

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Business

Accounting

Instructions (a) (b) (c) (d) (e) (f) Compute the price index for 2020. Round to 3 decimal places. Compute ending inventory at 12/31/2020 in base year dollars. Calculate ending inventory at 12/31/20 for dollar value LIFO. Compute the price index for 2021. Round to 3 decimal places. Compute ending inventory at 12/31/2021 in base year dollars. Calculate ending inventory at 12/31/21 for dollar value LIFO.

Instructions (a) (b) (c) (d) (e) (f) Compute the price index for 2020. Round to 3 decimal places. Compute ending inventory at 12/31/2020 in base year dollars. Calculate ending inventory at 12/31/20 for dollar value LIFO. Compute the price index for 2021. Round to 3 decimal places. Compute ending inventory at 12/31/2021 in base year dollars. Calculate ending inventory at 12/31/21 for dollar value LIFO.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool.The pool’s value on this date was $660,000. The 2018 and 2019 ending inventory valued at year-end costs were$690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.08 for 2019.Required:Calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO method.
9. The Tam Company uses the retail inventory method and the average cost flow assumption for preparation of its interim reports. Information about Tam's inventory in the second quarter of 2020 is shown below: Cost Retail $ 600 Beginning inventory Purchases $400 800 1,480 Net markups Net markdowns 160 (240) Sales 1,200 What is the estimated cost of Tam's inventory on June 30, 2020? a. $464 b. $480 c. $428 d. $520
A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $219,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2024 2025 2026 2027 Date 01/01/2024 12/31/2024 Required: Calculate inventory amounts at the end of each year. Note: Round intermediate calculations and final answers to the nearest whole dollars. 12/31/2025 12/31/2026 Ending Inventory at Cost Index (Relative to Year-End Costs Base Year) $333,500 426, 250 403, 820 395,300 12/31/2027 Inventory Layers Converted to Base Year Cost Inventory at Year-End Cost Inventory Layers at Base Year Cost $ 219,000 $ $ 333,500 $ $ 426,250 $ $ 403,820 $ $ 395,300 $ 219,000 290,000 341,000 335,000 331,000 Base Inventory Layers Converted to Cost Inventory Layers Converted to Cost Base $ Base $ 2024 $ Base $ 2024 $ 2025…
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HOW DO I CACULATE ENDING INVENTORY , COST OF GOODS SOLD, GROSS PROFIT ?
On Jan. 1, 2020, Who Company adopted Dollar Value LIFO. Below is the company's Dollar Value LIFO chart for ending inventory as of Dec. 31, 2020: Layer 1/1/2020 12/31/2020 Total Inventory at Base Year Costs 30,000 45,000 75,000 Price Index DV LIFO Inventory. 1.1 30,000 49,500 79,500 On Dec. 31, 2021, the company had ending inventory at current (FIFO) costs of $81,600. The price index for 2021 is 1.2. Answer the following two questions using the dropdown menus. A. On Dec 31, 2021, what is the ending inventory at base year costs? [ Select] B. On Dec 31, 2021, what is the ending dollar-value LIFO inventory balance? [Select]
Ee.110.
Presented below is information related to Dino Radja Company. Date Ending Inventory(End-of-Year Prices) PriceIndex December 31, 2017 $ 80,000 100 December 31, 2018 115,500 105 December 31, 2019 108,000 120 December 31, 2020 122,200 130 December 31, 2021 154,000 140 December 31, 2022 176,900 145 Instructions Compute the ending inventory for Dino Radja Company for 2017 through 2022 using the dollar-value LIFO method.