Kingbird Company has used the dollar-value LIFO method for inventory costdetermination for many years. The following data were extracted from Kingbird'srecords.PriceEnding InventoryDateIndexat Base PricesEnding Inventoryat Dollar-Value LIFODecember 31, 2025105$92,700$86,600December 31, 2026?97,70092,150Calculate the index used for 2026 that yielded the above results.Index used for 2026

Name: Kingbird Company has used the dollar-value LIFO method for inventory
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Kingbird Company has used the dollar-value LIFO method for inventory costdetermination for many years. The following data were extracted from Kingbird'srecords.PriceEnding InventoryDateIndexat Base PricesEnding Inventoryat Dollar-Value LIFODecember

To calculate the index, we can use the dollar-value LIFO method formula:Ending Inventory at Base…

Business

Accounting

Price Ending Inventory Ending Inventory Date Index at Base Prices at Dollar-Value LIFO December 31, 2025 105 $92,700 $86,600 December 31, 2026 ? 97,700 92,150 Calculate the index used for 2026 that yielded the above results.

Price Ending Inventory Ending Inventory Date Index at Base Prices at Dollar-Value LIFO December 31, 2025 105 $92,700 $86,600 December 31, 2026 ? 97,700 92,150 Calculate the index used for 2026 that yielded the above results.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Meman
Do not give solution in image
Choose the letter of the correct answer A. P196,000 B. P204,000 C. P180,000 D. P210,000
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for J101 are as follows: Oct. 1 Inventory 480 units at $14 13 Sale 280 units 22 Purchase 600 units at $16 29 Sale 450 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.
Date Bought Date Sold01 March 2020 15 at N$ 12.50 06 March 2020 2005 March 2020 25 at N$ 12.80 15 March 2020 2017 March 2020 40 at N$ 13.20 24 March 2020 2023 March 2020 20 at N$ 13.60 30 March 2020 2031 March 2020 12 at N$ 14.10 Selling price: N$ 20Use the above information to calculate closing inventory that would be shown using the below methods for 31 March 2020 financial year 1. AVCO
None
Do not give answer in image
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 88 units @ $27 8. Sale 70 units 15 Purchase 98 units @ $29 27 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31 $
don't give answer in image format
Presented below is information related to X Company "Date End - of- Ending Inventory Year ) ( FIFO ) Price Index 2022 100,000 100 2023 229,000 103 2024 218,658 110 2025 239,700 115 2026 170,000 125 Instructions : What's JOURNAL ENTRIES for X company ?
Manji