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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.
Solutions
Expert Solution
| Year | Inventory at end of year prices | Index (out of 100) | Inventory at base year prices | Base layer | Index | $ value LIFO | $value LIFO total |
| December 31, 2017 | 83200 | 100/100=1 | 83200/1= 83200 | 83200 | 1 | 83200 | 83200 |
| December 31, 2018 | 145934 | 131/100=1.31 | 145934/1.31=111400 | 83200 | 1 | 83200 | |
| 111400-83200= 28200 | 1.31 | 36942 | 120142 | ||||
| December 31, 2019 | 142950 | 150/100=1.50 | 142950/1.50= 95300 | 83200 | 1 | 83200 | |
| 95300-83200=12100 | 1.31 | 15851 | 99051 | ||||
| December 31, 2020 | 161696 | 163/100=1.63 | 161696/1.63= 99200 | 83200 | 1 | 83200 | |
| 12100 | 1.31 | 15851 | |||||
| 3900 | 1.63 | 6357 | 105408 | ||||
| December 31, 2021 | 193200 | 175/100=1.75 | 193200/1.75=110400 | 83200 | 1 | 83200 | |
| 12100 | 1.31 | 15851 | |||||
| 3900 | 1.63 | 6357 | |||||
| 11200 [110400-83200-12100-3900] | 1.75 | 19600 | 125008 | ||||
| December 31, 2022 | 227698 | 181/100 =1.81 | 227698/1.81=125800 | 83200 | 1 | 83200 | |
| 12100 | 1.31 | 15851 | |||||
| 3900 | 1.63 | 6357 | |||||
| ` | 11200 | 1.75 | 19600 | ||||
| 15400 | 1.81 | 27874 | 152882 |
Under LIFO ,units acquired last are sold first so ending inventory is left from initial or beginning inventory balances.
ekkarill92 answered 1 year agoRelated Solutions
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
$
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.
Presented below is information related to Blowfish radios for the Concord Company for the month of...
Presented below is information related to Blowfish radios for the
Concord Company for the month of July.
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Selling Price
Total
July 1
Balance
150
$3.90
$ 585
6
Purchase
1,200
4.00
4,800
7
Sale
450
$6.70
$ 3,015
10
Sale
450
7.00
3,150
12
Purchase
600
4.30
2,580
15
Sale
300
7.10
2,130
18
Purchase
450
4.40
1,980
22
Sale
600
7.10
4,260
25
Purchase
750
4.38
3,285
30
Sale
300
7.20...
Exercise 9-27 Presented below is information related to Sandhill Corporation. Price Index LIFO Cost Retail Inventory...
Exercise 9-27
Presented below is information related to Sandhill Corporation.
Price Index LIFO Cost Retail Inventory on December 31, 2017, when
dollar-value LIFO is adopted 100 $36,600 $69,100 Inventory,
December 31, 2018 110 ? 95,260 Compute the ending inventory under
the dollar-value LIFO method at December 31, 2018. The
cost-to-retail ratio for 2018 was 60%. Ending inventory under the
dollar-value LIFO method at December 31, 2018
Presented below is information related to the Accounts Receivable accounts of Concord Inc. during the current...
Presented below is information related to the Accounts
Receivable accounts of Concord Inc. during the current year
2017.
1. An aging schedule of the accounts receivable as
of December 31, 2017, is as follows.
Age
Net Debit Balance
% to Be Applied after
Correction Is Made
Under 60 days
$170,300
1%
60–90 days
136,400
3%
91–120 days
38,500
*
5%
Over 120 days
23,000
$3,700 definitely
uncollectible;
estimated remainder uncollectible is 24%
$368,200
*The $3,200 write-off of receivables is related...
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