Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $392,000. The following information is available from Benn’s records for the years 2020 through 2023.   Year Ending Inventory on a FIFO Basis Price Index 2020 $462,000 1.1 2021 487,200 1.2 2022 564,200 1.3 2023 560,000 1.2   Required Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. 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   Dollar-value LIFO ending inventory, 2023 Answer

Q: Will Inc. accounts for inventory using the dollar-value LIFO method. The following information is…

A: Ending inventory refers to the value of stock lying with the entity at the end of the reporting…

Q: Change in Inventory Cost Flow Assumption Heller Company began operations in 2019 and used the LIFO…

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Q: eriodic inventory method. a2) Determine ending inventory under (1) specific identification, (2)…

A: Weighted Average Unit Cost = Total Cost of Inventory / Total Units in Inventory   Units Unit Cost…

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

A: ENDING INVENTORY USING DOLLAR - VALUE LIFO METHOD : = INVENTORY LEVEL / PRICE LEVEL

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Under Last-in-First out method, inventory that is brought at later dates is sold first ( Newest…

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

A:

Q: Yaya Melody Company uses the retail inventory method to estimate its inventory for interim…

A: LCM or the lower of cost or market method is used to value a company’s inventory. The inventory is…

Q: FF Co. changed its inventory valuation from the FIFO cost method to the weighted average method…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Whispering Company had ending inventory at end-of-year prices of $104,000 at December 31, 2019;…

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

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: computation of inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO…

Q: On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's…

A: Year end Inventory  Cost Index Inventory at base price Increase/(Decrease) 2018 38,000 100 38,000…

Q: At December 31, 2020, the following information was available from Sunland Co.'s accounting records:…

A: Ending inventory at cost = Inventory value * Cost to retail ratio

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: At the beginning of 2021, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: 2) Golden Products, Inc. adopted the dollar-value LIFO method of computing inventory on January 1,…

A: Solution: Computation of inventory at base year prices and change from prior year - Golden…

Q: 17. On January 2020, Roel Corp. Has th following inventory purchases. January 2 5.750 7 5,100 15…

A: LIFO is last in first out method of inventory valuation which says that inventory which is purchased…

Q: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Solution: Cost of goods available for sale = (110*$21) + (310*$25 + 310*$26 + 210*$29 + 110*$32) =…

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

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

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…

Q: 18. On January 2020, Roel Corp. Has th following inventory purchases. Units January 5,750 5,100…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Inventory, January 1 Inventory on hand, December 31 Inventory out on consignment, December 31…

A: The cost of goods sold is calculated using the below given formula: Cost of Goods Sold=Opening…

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

A: Inventory under dollar-value LIFO method will be value of inventory purchased first.

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: The Tam Company uses the retail inventory method and the average cost flow assumption for…

A: Formula: Selling price of good available = Beginning inventory + purchases + markup Sum of beginning…

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: Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: The dollar value method to valuate the LIFO inventories , is a method which determines the cost by…

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

A: Base year prices = Ending inventory / year-end price indexe 2019 = $100,000 / 1.0 = $100,000 2020 =…

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

A: a.

Q: A. FF Co. changed its inventory valuation from the FIFO cost method to the weighted average method…

A: Solution:- Introduction:- As per LIFO, Cost of goods sold is valued at latest price and closing…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: The ending inventory is the inventory left in the business at year end. The inventory can be valued…

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, Temple Company adopted the dollar-value LIFO method for its one inventory pool.…

A: The question is based on the concept of Financial Accounting.

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: Tori Amos Corporation began operations on December 1, 2019. The only inventory transaction in 2019…

A: a. Determine ending inventory:

Q: Current Attempt in Progress Your answer is incorrect. Pronghorn Corporation adopted the dollar-value…

A: 12/31/19 Inventory at year end prices = $121,980 Relevant Price Index at year end (base date 1…

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

A: Dollar Value LIFO Method Date Inventory at the end of the year Price Index Inventory at base 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: Determining Merchandise to be Included or Excluded from Ending Inventory The unadjusted inventory…

A: Inventory refers all the items, goods, material held by the business for selling and for the purpose…

Q: The inventory records of Mod Oil Company for January 2020 showed the following data for an item of…

A: Hello, I am only answering first three sub-parts of the question as per the policy and if you want…

Q: Swifty Company reports net income of $88,100 in 2020. However, ending inventory was understated…

A: The ending inventory deducted from the opening inventory and purchases to find the cost of goods…

Q: In 2020 Fy Co. decided to change to the FIFO method for inventory . The Cost of Goods Sold in 1919…

A: Introduction: First-in, first-out (FIFO) is a method for valuing inventories and calculating the…

Q: Beginning inventory Net purchases $127,600 231,240 $256, 800 393,600 Assume that In addition to…

A: Inventory includes raw materials, work-in-process and finished goods which should be recorded in the…

Q: *Note any error of 2019 ending inventory is carried over to 2020 as an error of the beginning…

A: Introduction:- The following are inventory valuation methods as follows under:- First-In, First-Out…

Q: A company purchased items for inventory during 2020 at continuously higher costs. Its last two…

A: Under the perpetual inventory method, the sale or purchase of inventory is recorded at the time it…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Last-In, First-Out (LIFO):   In Last-in-First-Out method, the cost of last purchased items are sold…

Q: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Formula: Price Index=Ending Inventory for the Period at Current CostEnding Inventory for the Period…

Q: Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value…

A: Working notes:  2019:   Inventory value on 2018 $200,000 Add: Layer of LIFO in 2019…

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.