Homework Answers
| Date | Inventory at year end prices | Price Index | Inventory at Base year prices | Change from Prior year | Value of Inventory | |
| 2020 | 128000 | 100 | 128000 | 0 | 128000 | |
| 2021 | 212000 | 105 | 201904.76 | 73904.76 | 205600 | |
| 2022 | 218658 | 110 | 198780 | (3124.76) | 276638 | |
| 2023 | 282500 | 115 | 245652.17 | 46872.17 | 256222 | |
| 2024 | 300500 | 125 | 240400 | (5252.17) | 250182 | |
Computation of Value of Inventory:
2020:
$128000@1.00 $128000
2021:
$128000@1.00 $128000
$73904.76@1.05 77600
$ 205600
2022:
$128000@1.00 $128000
$70780@1.05* 74319
276638
2023:
$128000@1.00 $128000
$70780@1.05* 74319
$46872.17@1.15 53903
$ 256222
2024:
$128000@1.00 $128000
$70780@1.05* 74319
$41620@1.15* 47863
$ 250182
* The price index of 2021 has been used because no layer has been formed during the year 2022. The ending inventory at base-year-prices is less than the beginning inventory at base-year-prices. Similar reason for year 2023 and 2024.
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G H А B D E 1 Presented below is information related to Meghani Company....
LUIS C D Presented below is information related to Meghani Company. Ending Inventory m in 100...
LUIS C D Presented below is information related to Meghani Company. Ending Inventory m in 100 Date 3 (End-of-Year) (FIFO) Price Index 2018 $128.000 2019 212,000 105 2020 218,658 110 2021 262,500 2022 305,500 2023 310.800 150 10 Instructions: Compute the ending inventory for Meghani Company for 2018 through 2023 using the dollar-value LIFO method 00 Invent Inventory at end-of-year Inventory at base-year Price Inde: pnce Layers Index 2018 Value LIFO Value LIFO Total LIFO Reserve 2019 2020 2021 2022...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $207,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $245,700 323, 150 325,200 Ending Inventory at Base Year Costs $234,800 281,000 271,080 Required: Compute the inventory at December 31, 2022 2023 and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar value...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar value LIFO inventory method. The Inventory on that date using the dollar value LIFO method was $212,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Ending Inventory at Year-End Costs Base Year Costs $256,200 $244,000 340,400 296, eee 343,200 286, eee Required: Compute the inventory at December 31, 2022 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost...
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...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Mercury Company has only...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO Inventory method. The Inventory on that date using the dollar-value LIFO method was $204,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $ 239,400 312,800 314,400 Ending Inventory at Base Year Costs $228,00 272,00 262,200 Required: Compute the Inventory at December 31, 2022, 2023, and 2024,...
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert en...
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 $280,000. 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
$
403,200
1.12
2022
505,780
1.21
2023
481,440
1.18
2024
467,400
1.14...
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 $270,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 2024 Ending Inventory at Year-End Costs $343,400 435,600 413,020 401,700 Cost Index (Relative to Base Year) 1.01 1.10 1.07 1.03 Required:...
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 $219,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Ending Inventory Cost Index Year Ended (Relative to Base Year) December 31 at Year-End Costs $333,500 426,250 403,820 1.15 2021 2022 1.25 2023 1.22 2024 395,300 1.18 Required:...
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 $280,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 2024 Ending Inventory at Year-End Costs $403, 200 505,780 481,440 467,400 Cost Index (Relative to Base Year) 1.12 1.21 1.18 1.14...
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 $147,000. Year-end inventories at year- end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 2024 Ending Inventory at Year-End Costs $220, 500 283, 360 264, 870 262, 150 Cost Index (Relative to Base Year)...
LUIS C D Presented below is information related to Meghani Company. Ending Inventory m in 100 Date 3 (End-of-Year) (FIFO) Price Index 2018 $128.000 2019 212,000 105 2020 218,658 110 2021 262,500 2022 305,500 2023 310.800 150 10 Instructions: Compute the ending inventory for Meghani Company for 2018 through 2023 using the dollar-value LIFO method 00 Invent Inventory at end-of-year Inventory at base-year Price Inde: pnce Layers Index 2018 Value LIFO Value LIFO Total LIFO Reserve 2019 2020 2021 2022...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $207,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $245,700 323, 150 325,200 Ending Inventory at Base Year Costs $234,800 281,000 271,080 Required: Compute the inventory at December 31, 2022 2023 and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2...
Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar value LIFO inventory method. The Inventory on that date using the dollar value LIFO method was $212,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Ending Inventory at Year-End Costs Base Year Costs $256,200 $244,000 340,400 296, eee 343,200 286, eee Required: Compute the inventory at December 31, 2022 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO Inventory method. The Inventory on that date using the dollar-value LIFO method was $204,000. Inventory data are as follows: Year 2022 2023 2024 Ending Inventory at Year-End Costs $ 239,400 312,800 314,400 Ending Inventory at Base Year Costs $228,00 272,00 262,200 Required: Compute the Inventory at December 31, 2022, 2023, and 2024,...
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 $280,000. 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
$
403,200
1.12
2022
505,780
1.21
2023
481,440
1.18
2024
467,400
1.14...
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 $270,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 2024 Ending Inventory at Year-End Costs $343,400 435,600 413,020 401,700 Cost Index (Relative to Base Year) 1.01 1.10 1.07 1.03 Required:...
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 $219,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Ending Inventory Cost Index Year Ended (Relative to Base Year) December 31 at Year-End Costs $333,500 426,250 403,820 1.15 2021 2022 1.25 2023 1.22 2024 395,300 1.18 Required:...
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 $280,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 2024 Ending Inventory at Year-End Costs $403, 200 505,780 481,440 467,400 Cost Index (Relative to Base Year) 1.12 1.21 1.18 1.14...
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 $147,000. Year-end inventories at year- end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 2024 Ending Inventory at Year-End Costs $220, 500 283, 360 264, 870 262, 150 Cost Index (Relative to Base Year)...
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