2) Golden Products, Inc. adopted the dollar-value LIFOmethod of computing inventory on January 1,2018. Inventory on January 1st was $322,000. Year-endinventories at year-end costs and cost indexes were asfollows:CostIndexDateInventoryYear-End Costs20182$344,0001.042019355,0001.052020361,0001.07What is the ending inventory at December 31, 2018,2019, and 2020 using the dollar-value LIFO method?

Name: 2) Golden Products, Inc. adopted the dollar-value LIFOmethod of compu
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Description: 2) Golden Products, Inc. adopted the dollar-value LIFOmethod of computing inventory on January 1,2018. Inventory on January 1st was $322,000. Year-endinventories at year-end costs and cost indexes were asfollows:CostIndexDateInventoryYear-End Costs2

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2) Golden Products, Inc. adopted the dollar-value LIFO method of computing inventory on January 1, 2018. Inventory on January 1st was $322,000. Year-end inventories at year-end costs and cost indexes were as follows: Date Inventory Year-End Costs Cost Index 2018 $4 344,000 1.04 2019 355,000 1.05 2020 361,000 1.07 What is the ending inventory at December 31, 2018, 2019, and 2020 using the dollar-value LIFO method?

2) Golden Products, Inc. adopted the dollar-value LIFO method of computing inventory on January 1, 2018. Inventory on January 1st was $322,000. Year-end inventories at year-end costs and cost indexes were as follows: Date Inventory Year-End Costs Cost Index 2018 $4 344,000 1.04 2019 355,000 1.05 2020 361,000 1.07 What is the ending inventory at December 31, 2018, 2019, and 2020 using the dollar-value LIFO method?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
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Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015. The following information about the inventory at the end of each year is available from Olsons records: Required: 1. Calculate the dollar-value LIFO inventory at the end of each year. 2. Prepare the appropriate disclosures for the 2021 annual report if Olson uses current cost internally and LIFO for financial reporting.
The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200
Borys Companys periodic inventory at December 31, 2019, is understated by 10,000, but purchases are correct. Johnson correctly values its 2020 ending inventory. What is the effect of this error on Boryss 2019 and 2020 financial statements?