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 $57,000. The following information is available on its inventories for 2020 through 2022. Ending Year-End Inventory Conversion Year at December 31 Factor* 2020 $64,600 1.10 2021 76,000 1.22 2022 68,400 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 $ Dollar-value LIFO ending inventory, 2021 $ Dollar-value LIFO ending inventory, 2022 $
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 $57,000. The following information is available on its inventories for 2020 through 2022. Ending Year-End Inventory Conversion Year at December 31 Factor* 2020 $64,600 1.10 2021 76,000 1.22 2022 68,400 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 $ Dollar-value LIFO ending inventory, 2021 $ Dollar-value LIFO ending inventory, 2022 $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12P: Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at...
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