Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Ending Inventory At Year- At Base Cost Year End Year Cost Index 1/1/2021 $310, 000 12/31/2021 346,620 $310,000 1.00 327, 000 1.06 12/31/2022 434,190 353,000 1.23 Under the dollar-value LIFO method, the inventory at December 31, 2022, should be

Q: Vaughn Manufacturing had January 1 inventory of $295000 when it adopted dollar-value LIFO. During…

A: Last-in-First-Out Method, or simply called as LIFO Method, is an inventory system in accounting…

Q: Bonita, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years…

A: Date Inventory atEnd-of-year Prices Price Index Inventory at Base-year Prices Changefrom Prior Year…

Q: On January 2020, Roel Corp. Has the following inventory purchases.                     January…

A: FIFO is first in first out inventory valuation method in which inventories purchased at first will…

Q: Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Bay Inc. adopted…

A: Dollar value LIFO method: This method is different model for the last-in first layering model. Under…

Q: Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value…

A:

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: Inventory is the current assets of the company that is used in the production process.

Q: Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the…

A: GIVEN   Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that…

Q: onahue adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following…

A: Answer:

Q: Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its…

A: LIFO is last in first method that is used for inventory valuation. This says that inventory which is…

Q: On January 2020, Roel Corp. Has th following inventory…

A: FIFO method says that first in first out method in which inventories purchased first will be sold…

Q: On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions…

A: Cost of Goods Sold  It is the  direct cost  incurred in the production of any goods or services and…

Q: Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price…

A: LIFO is last in first out method of inventory valuation in which inventories which are purchased at…

Q: Carswell Electronics adopted the dollar-value LIFO method on January 1, 2021, when the inventory…

A: Ending inventory at base year cost  = Ending inventory at year end cost / cost index Inventory…

Q: On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: Ending inventory is the worth of products still available for sale and held by a corporation at the…

Q: Sultan Co. uses the retail inventory method to estimate its inventory for interim statement…

A: Inventory is the current asset of the company that includes the raw materials which are required to…

Q: On January 1, 2021, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The…

A: Dollar Value LIFO Find the value of inventory at the current cost Convert it to base year cost Then…

Q: Marigold Company adopted the dollar-value LIFO method on January 1, 2017 (using internal price…

A: LIFO is the inventory valuation method in which inventories purchased at last will be sold first.…

Q: During 2020, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax…

A: Weighted average inventory: Pre tax income: 2018: 170000 2019: 145000 2020: 180000 Tax calculation:…

Q: Pharoah Company has used the dollar-value LIFO method since January 1, 2017. Pharoah uses internal…

A: Price index 2018 = Inventory at current year cost/inventory at base year cost = $1482, 000/1300000 =…

Q: Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Bay Inc. adopted dollar-value…

A: Dollar value LIFO method: This method is different model for the last-in first layering model. Under…

Q: Kumar Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $214,000,000 at both…

A: No. Account Titles and Explanations Debit Credit a. Cost of goods sold $21,000,000…

Q: Mercury Company has only one Inventory pool. On December 31, 2018, Mercury adopted the dollar-value…

A: Computation of Year End Cost Index is as follows:

Q: Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO…

A: Given, Ending Inventory     Year At Year-End   At BaseYear Cost   Cost Index 1/1/2021 $…

Q: 13.  On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The inventory…

A: Introduction Inventory refers to goods used in production or manufacturing by company during a…

Q: Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost Cost…

A: LIFO- Last in first out Inventory which is last entered should be first out for sale. Sale for 85000…

Q: 18. On January 2020, Roel Corp. Has th following inventory purchases. January Units Amount P7,500…

A: FIFO means where the goods purchased first will be sold first and closing inventory will consist of…

Q: On January 1, 2016, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: Webster Products, Inc., adopted the dollar-value LIFO method of determining inventory costs for…

A:

Q: Estimate ending inventory in 2022 using the dollar-value LIFO retail method. (Round your…

A: The solution are as follows

Q: Carswell Electronics adopted the dollar-value LIFO method on January 1, 2021, when the inventory…

A: Cost index in the layer year = CPI on December 31, 2021 / CPI on  January 1, 2021 = 264/240 = 1.10

Q: In 2022, Kimberly Corporation changed its method of inventory pricing from LIFO to FIFO. Net income…

A: Explanation: If the company changed its method of inventory pricing from LIFO to FIFO, then the net…

Q: The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2020. Its inventory on that…

A: a.

Q: Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019.…

A: Dollar value LIFO method: Under this method cost of inventory is covered under layering concept. In…

Q: On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs…

A: As per our Q&A guidelines we are supposed to solve only question at once please post it as…

Q: As a result of its annual inventory count, Bridgeport Corp. determined its ending inventory at cost…

A: Inventory can be referred to as the assets which are held by an entity for the purpose of re sale or…

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO -  LIFO method uses inventory that is purchased last. The LIFO method is used for perishable…

Q: Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: ABC Company uses the retail inventory method to estimate its inventory for interim financial…

A: Ending inventory refers to the stock value which remains at the end of the fiscal year or the year…

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: The dollar value LIFO method of inventory valuation refers to a method which follow last in first…

Q: On December 31,2019 an entity's ending inventory at cost was P3,000,000 and the allowance for…

A: Computation of loss to be recognized:     Beginning allowance for inventory = 550,000 Ending…

Q: Carswell Electronics adopted the dollar-value LIFO method on January 1, 2018, when the inventory…

A: Given information is: Inventory value as on January 1, 2018 = $720,000 CPI as on January 1,2018 =…

Q: Waterway, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3…

A: Year Inventory at end of year prices Price index Inventory at base year prices Change from…

Q: Grotesque Company which employed the FIFO retail method provided the following inventory data: 2020…

A: The retail inventory method calculates the ending inventory by multiplying the retail closing stock…

Q: Hsieh Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes…

A: Closing stock will be calculated using internal price indexes and its multiple pools. First we have…

Q: On August 31, 2010, Harvey Co. decided to change from the FIFO periodic inventory system to the…

A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: On January 1, 2018, HGC Camera Store adopted the dollar-value LIFO retail inventory method.…

A: Ending inventory: Ending inventory is the value of the inventory remaining with the business at the…

Q: Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO…

A: Under the dollar value LIFO method, the inventory at December 31, 2022, should be:

Q: omputing an internal price index and using the dollar-value LIFO method, at what amount should the…

A:

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.