Laura Duke Products adopted the dollar-value LIFO method using 2022 as the base year for financial reporting purposes. It uses FIFO for its internal books. Information related to Duke's Requirement a. Compute Duke's ending inventory under the dollar-value LIFO method for the years 2022 through 2024. (Use price index amounts to two decimal places, X.XX. Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole dollar.) Year 2022 layer 2023 layer 2024 layer Ending inventory under dollar-value LIFO Data table 2022 2023 ☑ 2024 Requirements Ending Inventory at End- of-Year Prices per Internal Cumulative Price Books Year Index 2022 475,000 100 2023 548,000 105 2024 609,000 107 a. Compute Duke's ending inventory under the dollar-value LIFO method for the years 2022 through 2024. b. Prepare the journal entries for 2023 and 2024 to adjust inventory to the dollar-value LIFO basis. c. Determine the ending balance of the LIFO reserve for 2023 and 2024. ✗

Hull Manufacturing Corp. (HMC), a Canadian company, manufactures instruments used to measure the moisture content of barley and wheat. The company sells primarily to the domestic market, but in Year 3, it developed a small market in Argentina. In Year 4, HMC began purchasing semi-finished components from a supplier in Romania. The management of HMC is concerned about the possible adverse effects of foreign exchange fluctuations. To deal with this matter, all of. HMC's foreign-currency-denominated receivables and payables are hedged with contracts with the company's bank. The year-end of HMC is December 31. The following transactions occurred late in Year 4: • On October 15, Year 4, HMC purchased components from its Romanian supplier for 807,000 Romanian leus (RL). On the same day, HMC entered into a forward contract for RON807,000 at the 60-day forward rate of RON1 = $0.415. The Romanian supplier was paid in full on December 15, Year 4. • On December 1, Year 4, HMC made a shipment to a…

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $22,000 and its retail value was $27,500. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory Retail Price at Retail $ 36,000 $ 39,000 Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2024? 2. Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO retail method. Required 1 Required 2 Index 1.25 1.30 Ending inventory Complete this question by entering your answers in the tabs below. 23,092 $ Cost-to-Retail Percentage 84% 854 Answer is complete but not entirely correct. Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO retail method. Note: Round your answers to the nearest whole dollar amount. 2024 2025 24,112

Your answer is correct. Calculate Maple Leaf's receivables turnover and collection period for 2019 and 2018. (Round receivables turnover to 2 decimal places, e.g. 52.75 and collection period to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) Receivables turnover Collection period 2019 33.75 times 2018 34.81 times 10.81 days 10.48 days (b) Has the company's liquid improved weakened? weakened Company's liquidity has Attempts: 1 of 1 used

Stuff Company is a subsidiary of Pland Corporation and is located in Madrid, Spain, where the currency is the euro (€). Data on Stuff's inventory and purchases are as follows: Inventory, January 1, 20X7 Purchases during 20x7 Inventory, December 31, 20x7 The beginning inventory was acquired during the fourth quarter of 20X6, and the ending inventory was acquired during the fourth quarter of 20X7. Purchases were made evenly over the year. Exchange rates were as follows: Fourth quarter of 20x6 January 1, 20X7 Average during 20x7 Fourth quarter of 20x7 December 31, 20x7 € 226,000 866,000 194,000 €1-$1.29015 €1$ 1.32030 € 1$ 1.39655 €1-$1.45000 € 1$ 1.47280 Required: a. Show the remeasurement of cost of goods sold for 20X7, assuming that the U.S. dollar is the functional currency. Note: Round your intermediate calculations and final answer to nearest dollar amount. a. Cost of goods sold b. Cost of goods sold b. Show the translation of cost of goods sold for 20X7, assuming that the euro is…

On 15 December 2020; Saadah Company purchased goods at the amount of 42500 OMR and paid 12500, the balance is on account. Which of the following is the correct journal entry for this transaction? Select one: O A. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Payable Cash 12500 О в. Debit Credit (RO) (RO) Date Accounts Payable 30000 15.12.2020 Cash 12500 Goods 42500 Date Accounts Debit Credit (RO) (RO) Payable 30000 15.12.2020 Cash 12500 Goods 42500 D. Date Accounts Debit Credit (RO) (RO) Goods 42500 30000 15.12.2020 Cash Payable 12500

The following information is available for Monty Corp. for 2023: Payment for goods during year $103200 Accounts Payable, beginning 14800 Inventory, beginning 30600 Accounts Payable, ending 12900 Inventory, ending 17800 Cost of goods sold for 2023 is a) $105100. b) $101300. c)$133800. d)$114100.

Morton Company uses a perpetual inventory system. On December 1, 2019, the company purchased inventory on account for $9,000. The credit terms are 2/10, n/30. If Morton pays the bill on Decermber 29, 2019, what amount of discount will be taken?