Homework Answers
Answer
- For 2018, the amount $ 22,872 is CORRECT
- Correct Amount of “Inventory under LIFO” calculation:
> 2017: $ 21924 for Price Index 108.
Cost = $ 21924 / 1.08 = $ 20,300
>Out of $ 20300, $ 19500 is from 2016 Inventory.
>Remaining = 20300 – 19500 = $ 800
>Cost of $ 800 in 2017
= 800 x 1.08
= $ 864 - Inventory under
LIFO:
2017 = $ 19500 + 864 = $ 20,364
2018 = $ 22872
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Your answer is partially correct. Try again. Marigold, Inc. uses the dollar-value LIFO method of computing...
Marigold, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Pric...
Marigold, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Price Index Year Ended December 31 2016 2017 2018 Inventory at Current-Year Cost $19,500 21,924 25,650 100 108 114 Compute the value of the 2017 and 2018 Inventories using the dollar-value LIFO method. 2017 2018 Inventory under LIFO
Brief Exercise 8-9 Headland, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 year...
Brief Exercise 8-9
Headland, 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
2016
$19,500
100
2017
21,924
108
2018
25,650
114
Compute the value of the 2017 and 2018 inventories using the
dollar-value LIFO method.
2017
2018
Inventory under LIFO
$
$
*Brief Exercise 8-9 Sheffield, Inc. uses the dollar-value LIFO method of computing its inventory. Data for...
*Brief Exercise 8-9 Sheffield, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended Inventory at Current-Year Cost Price December 31 Index 2016 $18,100 100 2017 20,412 108 2018 24,069 113 Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method. 2018 2017 Inventory under LIFO $
nment Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3...
nment Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 2016 2017 2018 Inventory at Current-Year Cost $20,100 22,048 25,648 Price Index 100 106 112 Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method. 2017 2018 Inventory under LIFOS
Question 10 Wildhorse, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the...
Question 10 Wildhorse, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 2019 2020 2021 Inventory at Current-Year Cost $21,700 23,520 28,175 Price Index 100 105 115 Compute the value of the 2020 and 2021 inventories using the dollar-value LIFO method. 2020 2021 Inventory under LIFO
1. Gates, Inc. uses the dollar-value LIFO method of computing its inventory. Inventory for the last...
1. Gates, Inc. uses the dollar-value LIFO method of computing its inventory. Inventory for the last three years is as shown below. Use this data to determine ending inventory for all three years using Dollar-Value LIFO. Be sure your answer is organized well and easy to read and follow Year Ended December 31 2015 2016 2018 2018 Current-Year Cost Price Index $60,000 1.00 $84,000 1.05 $87,000 1.16 $114,000 1.20
Brief Exercise 8-8 Your answer is partially correct. Try again. Bramble Company had ending inventory at...
Brief Exercise 8-8 Your answer is partially correct. Try again. Bramble Company had ending inventory at end-of-year cost of $135,700 at December 31, 2016: $165,528 at December 31, 2017; and $177,255 at December 31, 2018. The year-end price indexes were 100 at 12/31/16, 114 at 12/31/17, and 117 at 12/31/18 Compute the ending Inventory for Bramble Company for 2016 through 2018 using the dollar-value LIFO method. 2016 2017 2018 Ending Inventory 195,700 146530) Click If you would like to show...
Need help with 2020 inventory Exercise 8-23 Your answer is partially correct. Try again. The following...
Need help with 2020 inventory
Exercise 8-23 Your answer is partially correct. Try again. The following information relates to the Michael Jones Company Price Index 100 Date December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 Ending Inventory (End-of-Year Prices) $ 75,600 98,988 107,125 121,290 113,400 113 125 130 135 Use the dollar value LIFO method to compute the ending inventory for Jones Company for 2016 through 2020. Ending Inventory 75600 2016 89160 87013...
Marigold Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory...
Marigold Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory at that date was $1130000 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 $1272000 106 December 31, 2018 1457000 124 December 31, 2019 1625000 130 What is the cost of the ending inventory at December 31, 2019 under dollar-value LIFO? $1313700. $1270700. $1275200. $1250000.
Please solve for price index, the answer is not 1.02441 The dollar value lifo is given...
Please solve for price index, the answer is not 1.02441
The dollar value lifo is given
Your answer is partially correct. Sandhill Company has used the dollar-value LIFO method since January 1, 2017. Sandhill uses internal price indexes and multiple pools. At the end of calendar year 2018, the following data are available for Sandhill's inventory pool A Inventory January 1, 2017 December 31, 2017 December 31, 2018 At Base-Year Cost $1,000,000 1,220,000 1,270,000 At Current-Year Cost $1,000,000 1.342.000 1,498,600...
Marigold, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Price Index Year Ended December 31 2016 2017 2018 Inventory at Current-Year Cost $19,500 21,924 25,650 100 108 114 Compute the value of the 2017 and 2018 Inventories using the dollar-value LIFO method. 2017 2018 Inventory under LIFO
Brief Exercise 8-9
Headland, 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
2016
$19,500
100
2017
21,924
108
2018
25,650
114
Compute the value of the 2017 and 2018 inventories using the
dollar-value LIFO method.
2017
2018
Inventory under LIFO
$
$
*Brief Exercise 8-9 Sheffield, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended Inventory at Current-Year Cost Price December 31 Index 2016 $18,100 100 2017 20,412 108 2018 24,069 113 Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method. 2018 2017 Inventory under LIFO $
nment Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 2016 2017 2018 Inventory at Current-Year Cost $20,100 22,048 25,648 Price Index 100 106 112 Compute the value of the 2017 and 2018 inventories using the dollar-value LIFO method. 2017 2018 Inventory under LIFOS
Question 10 Wildhorse, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Year Ended December 31 2019 2020 2021 Inventory at Current-Year Cost $21,700 23,520 28,175 Price Index 100 105 115 Compute the value of the 2020 and 2021 inventories using the dollar-value LIFO method. 2020 2021 Inventory under LIFO
1. Gates, Inc. uses the dollar-value LIFO method of computing its inventory. Inventory for the last three years is as shown below. Use this data to determine ending inventory for all three years using Dollar-Value LIFO. Be sure your answer is organized well and easy to read and follow Year Ended December 31 2015 2016 2018 2018 Current-Year Cost Price Index $60,000 1.00 $84,000 1.05 $87,000 1.16 $114,000 1.20
Brief Exercise 8-8 Your answer is partially correct. Try again. Bramble Company had ending inventory at end-of-year cost of $135,700 at December 31, 2016: $165,528 at December 31, 2017; and $177,255 at December 31, 2018. The year-end price indexes were 100 at 12/31/16, 114 at 12/31/17, and 117 at 12/31/18 Compute the ending Inventory for Bramble Company for 2016 through 2018 using the dollar-value LIFO method. 2016 2017 2018 Ending Inventory 195,700 146530) Click If you would like to show...
Need help with 2020 inventory
Exercise 8-23 Your answer is partially correct. Try again. The following information relates to the Michael Jones Company Price Index 100 Date December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 Ending Inventory (End-of-Year Prices) $ 75,600 98,988 107,125 121,290 113,400 113 125 130 135 Use the dollar value LIFO method to compute the ending inventory for Jones Company for 2016 through 2020. Ending Inventory 75600 2016 89160 87013...
Please solve for price index, the answer is not 1.02441
The dollar value lifo is given
Your answer is partially correct. Sandhill Company has used the dollar-value LIFO method since January 1, 2017. Sandhill uses internal price indexes and multiple pools. At the end of calendar year 2018, the following data are available for Sandhill's inventory pool A Inventory January 1, 2017 December 31, 2017 December 31, 2018 At Base-Year Cost $1,000,000 1,220,000 1,270,000 At Current-Year Cost $1,000,000 1.342.000 1,498,600...
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