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In: Accounting
The dollar-value LIFO method was adopted by Blossom Corp. on January 1, 2020. Its inventory on...
The dollar-value LIFO method was adopted by Blossom Corp. on January 1, 2020. Its inventory on that date was $399,900. On December 31, 2020, the inventory at prices existing on that date amounted to $380,800. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112.
On December 31, 2021, the inventory at prices existing on that
date was $421,245, and the price level was 115. Compute the
inventory on that date under the dollar-value LIFO
method.
| Inventory 12/31/21 under dollar-value LIFO method |
$ |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The dollar-value LIFO method was adopted by Riverbed Corp. on January 1, 2017. Its inventory on...
The dollar-value LIFO method was adopted by Riverbed Corp. on
January 1, 2017. Its inventory on that date was $220,000. On
December 31, 2017, the inventory at prices existing on that date
amounted to $201,600. The price level at January 1, 2017, was 100,
and the price level at December 31, 2017, was 112.
Compute the amount of the inventory at December 31, 2017, under
the dollar-value LIFO method.
Inventory 12/31/17 under dollar-value LIFO method
On December 31, 2018, the...
On January 1, 2020, ECT Co. adopted the dollar-value LIFO method for its one inventory pool....
On January 1, 2020, ECT Co. adopted the dollar-value LIFO method
for its one inventory pool. The pool's value on this date was $600
million. The 2020 and 2021 ending inventory valued at year-end
costs were $702 million and $840 million, respectively. The
appropriate cost indexes are 1.08 for 2020 and 1.20 for 2021.
Required:
Calculate the inventory balance that ECT Co. would report on its
year-end balance sheets for 2020 and 2021, using the dollar-value
LIFO method and submit...
On January 1, 2020, Wildhorse Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax...
On January 1, 2020, Wildhorse Wholesalers Inc. adopted the
dollar-value LIFO inventory method for income tax and external
financial reporting purposes. However, Wildhorse continued to use
the FIFO inventory method for internal accounting and management
purposes. In applying the LIFO method, Wildhorse uses internal
conversion price indexes and the multiple pools approach under
which substantially identical inventory items are grouped into LIFO
inventory pools. The following data were available for inventory
pool no. 1, which comprises products A and B,...
On January 1, 2020, Blue Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax...
On January 1, 2020, Blue Wholesalers Inc. adopted the
dollar-value LIFO inventory method for income tax and external
financial reporting purposes. However, Blue continued to use the
FIFO inventory method for internal accounting and management
purposes. In applying the LIFO method, Blue uses internal
conversion price indexes and the multiple pools approach under
which substantially identical inventory items are grouped into LIFO
inventory pools. The following data were available for inventory
pool no. 1, which comprises products A and B,...
On January 1, 2020, Wildhorse Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax...
On January 1, 2020, Wildhorse Wholesalers Inc. adopted the
dollar-value LIFO inventory method for income tax and external
financial reporting purposes. However, Wildhorse continued to use
the FIFO inventory method for internal accounting and management
purposes. In applying the LIFO method, Wildhorse uses internal
conversion price indexes and the multiple pools approach under
which substantially identical inventory items are grouped into LIFO
inventory pools. The following data were available for inventory
pool no. 1, which comprises products A and B,...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for...
On January 1, 2021, Avondale Lumber adopted the dollar-value
LIFO inventory method. The inventory value for its one inventory
pool on this date was $275,000. An internally generated cost index
is used to convert ending inventory to base year. Year-end
inventories at year-end costs and cost indexes for its one
inventory pool were as follows:
Year Ended
Inventory
Cost Index
December 31
Year-End Costs
(Relative to Base Year)
2021
$
364,350
1.05
2022
374,960
1.09
2023
424,600
1.10
2024
454,260...
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for...
On January 1, 2021, Avondale Lumber adopted the dollar-value
LIFO inventory method. The inventory value for its one inventory
pool on this date was $330,000. An internally generated cost index
is used to convert ending inventory to base year. Year-end
inventories at year-end costs and cost indexes for its one
inventory pool were as follows:
Year Ended
Inventory
Cost Index
December 31
Year-End Costs
(Relative to Base Year)
2021
$
418,080
1.04
2022
429,840
1.08
2023
482,870
1.09
2024
520,240...
On January 1, 2018, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for...
On January 1, 2018, Avondale Lumber adopted the dollar-value
LIFO inventory method. The inventory value for its one inventory
pool on this date was $350,000. An internally generated cost index
is used to convert ending inventory to base year. Year-end
inventories at year-end costs and cost indexes for its one
inventory pool were as follows:
Year
Ended
Inventory
Cost Index
December
31
Year-End Costs
(Relative to Base Year)
2018
$
438,780
1.03
2019
451,540
1.07
2020
508,680
1.08
2021
548,895...
On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory...
On January 1, 2018, the Haskins Company adopted the dollar-value
LIFO method for its one inventory pool. The pool’s value on this
date was $850,000. The 2018 and 2019 ending inventory valued at
year-end costs were $897,000 and $972,000, respectively. The
appropriate cost indexes are 1.04 for 2018 and 1.08 for 2019.
Required:
Complete the below table to calculate the inventory value at the
end of 2018 and 2019 using the dollar-value LIFO method.
(Round "Year end cost index" to...
Bramble Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory...
Bramble Corp. adopted the dollar-value LIFO method of inventory
valuation on December 31, 2016. Its inventory at that date was
$1102000 and the relevant price index was 100. Information
regarding inventory for subsequent years is as follows:
Date
Inventory at
Current Prices
Current
Price Index
December 31, 2017
$1296000
108
December 31, 2018
1441000
125
December 31, 2019
1612000
130
What is the cost of the ending inventory at December 31, 2019 under
dollar-value LIFO?
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