Question
In: Accounting
Faucci Industries, Inc. uses the dollar-value LIFO method of computing its inventory cost with December 31,...
Faucci Industries, Inc. uses the dollar-value LIFO method of computing its inventory cost with December 31, 2015 representing the base cost. Data for the past five years follows:
|
Year Ended December 31, |
Inventory at FIFO |
Index |
|
2015 |
$ 85,000 |
100 |
|
2016 |
92,400 |
105 |
|
2017 |
102,120 |
111 |
|
2018 |
102,600 |
114 |
|
2019 |
110,200 |
116 |
Required:
Determine the inventory valuation for 2016 through 2019 using the dollar-value LIFO technique.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
A) Whispering, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past...
A) Whispering, Inc. uses the dollar-value LIFO method of
computing its inventory. Data for the past 3 years
follow.
Year Ended
December 31
Inventory at
Current-Year Cost
Price
Index
2019
$21,500
100
2020
23,532
106
2021
27,664
112
Compute the value of the 2020 and 2021 inventories using the
dollar-value LIFO method.
2020
2021
Inventory under LIFO
$enter a dollar amount
$enter a dollar amount
B)
The following is a record of Sheffield Company’s transactions
for Boston Teapots for the...
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?
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2017. Its inventory...
Gross Corporation adopted the dollar-value LIFO method of
inventory valuation on December 31, 2017. Its inventory at that
date was $440,000 and the relevant price index was 100. Information
regarding inventory for subsequent years is as follows:
Inventory
at
Current
Date
Current
Prices
Price Index(%)
December 31,
2018
$513,600
107
December 31,
2019
580,000
125
December 31,
2020
650,000
130
4- What is the cost of
the ending inventory at December 31, 2018 under...
Ajman Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2017. Its inventory...
Ajman Corporation adopted the dollar-value LIFO method of
inventory valuation on December 31, 2017. Its inventory at that
date was 220000 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, 2018 256800 107
December 31, 2019 320000 108
December 31, 2020 350000 120
A. What is the cost of ending inventory on December 31, 2018
under dollar value...
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used...
Kingston Company uses the dollar-value LIFO method of computing
inventory. An external price index is used to convert ending
inventory to base year. The company began operations on January 1,
2021, with an inventory of $201,000. Year-end inventories at
year-end costs and cost indexes for its one inventory pool were as
follows: Year Ended Ending Inventory Cost Index December 31 at
Year-End Costs (Relative to Base Year) 2021 $ 291,600 1.08 2022
376,420 1.18 2023 355,350 1.15 2024 349,650 1.11...
Lewis Company adopted the dollar-value LIFO method of inventory valuation on 12/31/18. Its inventory at that...
Lewis Company adopted the dollar-value LIFO method of inventory
valuation on 12/31/18. Its inventory at that date was $320,000 and
the relevant price index was 100.
What will Lewis report as inventory at the end of 2019, 2020,
2021, and 2022 using dollar-value LIFO?
Date
Inv at current price
current price index
inv at base level price
12/31/19
338,000
104
325,000
12/31/20
371,000
106
350,000
12/31/21
372,600
108
345,000
12/31/22
381,500
109
350,000
On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this...
On January 1, 2016, Badger Inc. adopted the dollar-value LIFO
method. The inventory cost on this date was $114,000. The 2016
ending inventory, valued at year-end costs, was $165,000. The
relative cost index for this inventory in 2016 was 1.20.
Suppose that Badger's 2017 ending inventory, valued at year-end
costs, was $176,400 and that the relative cost index for this
inventory in 2017 was 1.26. In determining the inventory balance
should Badger report in its 12/31/17 balance sheet:
On January 1, year 1, Silver Industries Inc. adopted the dollar-value LIFO method of determining inventory...
On January 1, year 1, Silver Industries Inc. adopted the
dollar-value LIFO method of determining inventory costs for
financial and income tax reporting. The following information
relates to this change:
Silver has continued to use the FIFO method, which approximates
current costs, for internal reporting purposes. Silver's FIFO
inventories at December 31, year 1, year 2, and year 3 were
$100,000, $137,500, and $195,000, respectively.
The FIFO inventory amounts are converted to dollar-value LIFO
amounts using a single inventory pool...
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...
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
What inventory balance would Badger report on its 12/31/2020
balance sheet?
Multiple Choice
$129,050.
$130,895.
$154,860.
None of these answer
choices...
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