Question
In: Accounting
Based on your answers from above, record the journal entry required to adjust the inventory to dollar-value LIFO for 2018 and 2019 only
Dent Company has the following inventory information:
Inventory at
Year year-end prices (FIFO) Price Index
2017(base) $180,000 1.00
2018 252,000 1.05
2019 368,000 1.15
2020 387,500 1.25
Instructions
Using the dollar-value LIFO method, compute the ending inventory value for each year.
SHOW ALL THE STEPS YOU USED TO ARRIVE AT THE FINAL ANSWER.
Answers:
2017 $_______________
2018 $_______________
2019 $_______________
2020 $_______________
Based on your answers from above, record the journal entry required to adjust the inventory to dollar-value LIFO for 2018 and 2019 only
|
Date |
Debit |
Credit |
|
|
2018 |
|||
|
2019 |
|||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Calculate the total Ending Inventory value for 2016, 2017, 2018 and 2019 using dollar-value LIFO. (Show...
Calculate the total Ending Inventory value for 2016, 2017, 2018
and 2019 using dollar-value LIFO. (Show all calculations and the
ending inventory amount for each of the years)
Year Current year
inventory
Index
2016
$50,000
1.00
2017
$72,000
1.20
2018
$117,000
1.30
2019
$119,000
1.40
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 Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory...
On January 1, 2018, the Coldstone Corporation adopted the
dollar-value LIFO retail inventory method. Beginning inventory at
cost and at retail were $180,000 and $292,950, respectively. Net
purchases during the year at cost and at retail were $736,000 and
$911,000, respectively. Markups during the year were $9,000. There
were no markdowns. Net sales for 2018 were $878,000. The retail
price index at the end of 2018 was 1.05. What is the inventory
balance that Coldstone would report in its 12/31/2018...
Marin Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019. At that time...
Marin Corporation adopted the dollar-value LIFO retail inventory
method on January 1, 2019. At that time the inventory had a cost of
$52,000 and a retail price of $100,000. The following information
is available.
Year-End
Inventory at Retail
Current Year
Cost—Retail %
Year End
Price Index
2019
$119,780
60%
106
2020
147,400
63%
110
2021
124,260
64%
114
2022
148,750
61%
125
The price index at January 1, 2019, is 100.
Compute the ending inventory at December 31 of the...
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2018, HGC Camera Store adopted the dollar-value
LIFO retail inventory method. Inventory transactions at both cost
and retail, and cost indexes for 2018 and 2019 are as follows: 2018
2019 Cost Retail Cost Retail Beginning inventory $ 42,000 $ 60,000
Net purchases 94,500 118,000 $ 108,108 $ 133,200 Freight-in 3,000
3,500 Net markups 15,000 10,000 Net markdowns 3,000 3,200 Net sales
to customers 117,360 119,890 Sales to employees (net of 10%
discount) 3,600 6,300 Price Index: January...
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2018, HGC Camera Store adopted the dollar-value
LIFO retail inventory method. Inventory transactions at both cost
and retail, and cost indexes for 2018 and 2019 are as
follows:
2018
2019
Cost
Retail
Cost
Retail
Beginning
inventory
$
58,500
$
78,000
Net purchases
110,180
127,000
$
115,808
$
133,100
Freight-in
3,900
4,400
Net markups
19,500
11,800
Net markdowns
3,900
4,100
Net sales to customers
125,380
119,140
Sales to employees (net of 20%
discount)
3,600
6,000
Price Index:
January...
On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions...
On January 1, 2018, HGC Camera Store adopted the dollar-value
LIFO retail inventory method. Inventory transactions at both cost
and retail, and cost indexes for 2018 and 2019 are as follows:
2018
2019
Cost
Retail
Cost
Retail
Beginning
inventory
$
42,000
$
60,000
Net purchases
94,500
118,000
$
108,108
$
133,200
Freight-in
3,000
3,500
Net markups
15,000
10,000
Net markdowns
3,000
3,200
Net sales to customers
117,360
119,890
Sales to employees (net of 10%
discount)
3,600
6,300
Price Index:
January...
At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method....
At the beginning of 2018, Quentin and Kopps (Q&K) adopted
the dollar-value LIFO (DVL) inventory method. On that date the
value of its one inventory pool was $81,000. The company uses an
internally generated cost index to convert ending inventory to base
year.
Required:
Determine the missing amounts in the inventory data for 2018
through 2021.
Year Ended
Ending Inventory At
Ending Inventory At
Ending Inventory At
31-Dec
Year-End Costs
Base Year Costs
Cost Index
DVL Cost
2018
$
95,550.00...
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...
1/ On January 1, 2018, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on...
1/ On January 1, 2018, Badger Inc. adopted the dollar-value LIFO
method. The inventory cost on this date was $100,300. The ending
inventory, valued at year-end costs, and the relative cost index
for each of the next three years is below:
Year-end
Ending inventory at
year-end costs
Cost Index
2018
$
126,945
1.05
2019
144,320
1.10
2020
154,860
1.20
In determining the
inventory balance should Badger report in its 12/31/2019 balance
sheet:
Multiple Choice
An additional layer of
$23,330 is...
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