Company X has the following information: Inventory at end-of-year prices of $1,300,000 (2018 – base year),...

Company X has the following information:

Inventory at end-of-year prices of $1,300,000 (2018 – base year), $1,450,000 (2019), and $1,350,000 (2020)

The price index is 105 in 2019 and 107 in 2020

Use the dollar-value LIFO method to calculate ending inventory for 2019 and 2020.

Expert Solution

Calculate Dollar value LIFO method ending inventory

	Base year cost	Dollar value LIFO inventory
2019	1450000/1.05 = 1380952	(1300000*1+85000) = 1385000
2020	1350000/1.07 = 1261682	1261682

ekkarill92 answered 2 years ago

The following information relates to the Novak Company. Date Ending Inventory (End-of-Year Prices) Price Index December...

The following information relates to the Novak Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2013 $ 66,900 100 December 31, 2014 103,194 117 December 31, 2015 110,940 129 December 31, 2016 124,887 133 December 31, 2017 115,787 139 Use the dollar-value LIFO method to compute the ending inventory for Novak Company for 2013 through 2017.

The following information relates to the Shamrock Company. Date Ending Inventory (End-of-Year Prices) Price Index December...

The following information relates to the Shamrock Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2013 $ 69,400 100 December 31, 2014 102,080 116 December 31, 2015 110,208 128 December 31, 2016 123,816 132 December 31, 2017 116,058 138 Use the dollar-value LIFO method to compute the ending inventory for Shamrock Company for 2013 through 2017. Ending Inventory 2013 $ 2014 $ 2015 $ 2016 $ 2017 $

The following information relates to the Sarasota Company. Date Ending Inventory (End-of-Year Prices) Price Index December...

The following information relates to the Sarasota Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2013 $ 65,600 100 December 31, 2014 118,040 130 December 31, 2015 127,728 144 December 31, 2016 143,636 149 December 31, 2017 133,765 155 Use the dollar-value LIFO method to compute the ending inventory for Sarasota Company for 2013 through 2017.

The following information pertains to DEF Company, Inc. for the year 2018. Liabilities at the end...

The following information pertains to DEF Company, Inc. for the year 2018. Liabilities at the end of the year, December 31, 2018 = $1,200 Contributed capital at the end of the year, December 31, 2018 = $700 Beginning retained earnings, January 1, 2018 = $300 Revenue during 2018 = $7,500 Expenses during 2018 = $6,800 Distributions to owners during 2018 = $100 What is the amount of the company's total assets at December 31, 2018? a. $2,800 b. $2,700 c....

Consider the following information for the Intermediate Company for the year 2018: Units in Beginning Inventory ...

Consider the following information for the Intermediate Company for the year 2018: Units in Beginning Inventory 0 Units produced 9,500 Units Sold 5,700 Units Selling Price $350 Variable costs per unit: Direct Materials $106 Direct Labor $42 Variable Overhead $30 Fixed costs: Fixed Costs per unit produced $23 Fixed Selling & Administrative Costs $440,000 A) Compute Unit Product Cost under Absorption Costing & Variable Costing B) Compute...

Presented below is information related to Kingbird Company. Date Ending Inventory (End-of-Year Prices) Price Index December...

Presented below is information related to Kingbird Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2017 $ 78,200 100 December 31, 2018 242,950 215 December 31, 2019 239,604 246 December 31, 2020 271,272 267 December 31, 2021 320,579 287 December 31, 2022 382,833 297 Compute the ending inventory for Kingbird Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $enter a dollar amount 2018 $enter a dollar amount 2019 $enter a dollar amount 2020...

Presented below is information related to Metlock Company. Date Ending Inventory (End-of-Year Prices) Price Index December...

Presented below is information related to Metlock Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2014 $ 83,800 100 December 31, 2015 176,802 158 December 31, 2016 175,320 180 December 31, 2017 197,535 195 December 31, 2018 238,140 210 December 31, 2019 286,452 218 Compute the ending inventory for Metlock Company for 2014 through 2019 using the dollar-value LIFO method.

Presented below is information related to Skysong Company. Date Ending Inventory (End-of-Year Prices) Price Index December...

Presented below is information related to Skysong Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2017 $ 87,400 100 December 31, 2018 152,755 137 December 31, 2019 148,824 156 December 31, 2020 168,493 169 December 31, 2021 200,018 182 December 31, 2022 238,140 189 Compute the ending inventory for Skysong Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017: Ending Inventory 2018: Ending Inventory 2019: Ending Inventory 2020: Ending Inventory 2021: Ending Inventory 2022:

Presented below is information related to Marigold Company. Date Ending Inventory (End-of-Year Prices) Price Index December...

Presented below is information related to Marigold Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2014 $ 83,600 100 December 31, 2015 261,723 231 December 31, 2016 258,456 264 December 31, 2017 292,006 286 December 31, 2018 349,580 308 December 31, 2019 421,399 319 Compute the ending inventory for Marigold Company for 2014 through 2019 using the dollar-value LIFO method. Ending Inventory 2014 $ 2015 $ 2016 $ 2017 $ 2018 $ 2019 $

Presented below is information related to Concord Company. Date Ending Inventory (End-of-Year Prices) Price Index December...

Presented below is information related to Concord Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2017 $ 83,200 100 December 31, 2018 145,934 131 December 31, 2019 142,950 150 December 31, 2020 161,696 163 December 31, 2021 193,200 175 December 31, 2022 227,698 181 Compute the ending inventory for Concord Company for 2017 through 2022 using the dollar-value LIFO method.

Question