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. ✗

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. ✗

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....

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Presented below is information related to Sunland Company. Compute the ending inventory for Sunland Company for 2022 through 2027 using the dollar-value LIFO method.
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