Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $84,000. The following information is available on its inventories for 2020 through 2022.   Year Ending Inventory at December 31 Year-End Conversion Factor* 2020 $95,200 1.10 2021 112,000 1.22 2022 100,800 1.15   *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar.   Dollar-value LIFO ending inventory, 2020 Answer   Dollar-value LIFO ending inventory, 2021 Answer   Dollar-value LIFO ending inventory, 2022 Answer

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Q: 19. On January 2020, Roel Corp. Has the following inventory purchases. Units January 5,750 5,100…

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

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Q: Compute the inventory amounts at December 31, 2019, 2020, and 2021 using the dollar-value LIFO…

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Q: Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from…

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Q: Indigo Department Store converted from the conventional retail method to the LIFO retail method on…

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Q: Help Save & Exit On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory…

A: Last-in first-out (LIFO) is an inventory valuation method where the goods latest purchased are sold…

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A: Since there are multiple sub questions, first 2 sub-questions are answered, Please re-post this…

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A:

Q: Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2019; $119,900…

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Q: Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted…

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

A: a.

Q: The following information relates to the Jimmy Johnson Company.    Date       Ending…

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

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Q: Linguini Inc. adopted dollar-value LIFO (DVL) as of January 1, 2021, when it had an inventory of…

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Q: 17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750…

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Q: Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019;…

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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.