Question 1: Presented below is information related to JP Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, Year 1 $180,000 100 December 31, Year 2 December 31, Year 3 218,500 December 31, Year 4 242,500 December 31, Year 5 283,500 December 31, Year 6 310,800 220,500 105 115 125 135 140 Compute the ending inventory for JP Company for Year 1 through Year 6 using the dollar- value LIFO method. Please show your work, and for each ending inventory clearly specify the layers.

Question 1: Presented below is information related to JP Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, Year 1 $180,000 100 December 31, Year 2 December 31, Year 3 218,500 December 31, Year 4 242,500 December 31, Year 5 283,500 December 31, Year 6 310,800 220,500 105 115 125 135 140 Compute the ending inventory for JP Company for Year 1 through Year 6 using the dollar- value LIFO method. Please show your work, and for each ending inventory clearly specify the layers.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 5PEB: Inventory analysis A company reports the following: Determine (a) the inventory turnover and (b) the...

See similar textbooks

Similar questions

Inventory Analysis Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Note: Round all answers to two decimal places.)
Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Inventory analysis A company reports the following: Determine (a) the inventory turnover and (b) the number of days sales in inventory. Round to one decimal place.
Inventory Analysis Callahan Company reported the following information for the current year. Required: 1. Compute Callahans (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Round all answers to two decimal places.) 2. Explain the meaning of each number.
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 ?
The following information relates to the Brian Lee Company. Date Date Ending Inventory (End-of-Year Prices) price index December 31, 2021 65600 100 December 31, 2022 118040 130 December 31, 2023 127728 December 31, 2024 143636 December 31, 2025 133765 Use the dollar-value LIFO method to compute the ending inventory for Lee Company for 2021 through 2025. 144 149 155
2. Date The following information relates to the Windsor Company. Ending Inventory Price (End-of-Year Prices) Index December 31, 2023 $ 60,500 100 December 31, 2024 78,000 103 December 31, 2025 90,400 106 December 31, 2026 99,750 108 December 31, 2027 115,680 111 Use the dollar-value LIFO method to compute the ending inventory for Windsor Company for 2023 through 2027.
Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
The following information is from Durden Company currently using FIFO: Year ended Ending inventory Price index at year-end prices 2019 $ 80,000 1.0 2020 $ 85,000 1.2 2021 $120,000 1.3 What is the dollar value LIFO for the end of year 2021? $98,751 $103,000 $94,500 $92,308
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.
Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 II
Presented below is information related to Bonita Company. Price Index Date December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 2026 2027 $ $ Ending Inventory (End-of-Year Prices) $ $78,300 115,154 114,696 Compute the ending inventory for Bonita Company for 2022 through 2027 using the dollar-value LIFO method. 128,651 152,755 182,044 Ending Inventory 78300 112805 112800 118012 131986 100 155700 103 118 127 137 142