Dollar-Value LIFO Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data for succeeding years are as follows: Year Inventory at Respective Year-End Prices Price Index (Base Year 2018) 2019  $220,500 1.05 2020    287,500 1.15 2021    276,000 1.20 Required: Compute the ending inventory using the dollar-value LIFO method for 2019, 2020, and 2021. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. December 31, 2019   December 31, 2020   December 31, 2021

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

A: Using LIFO method, the inventory at last would be sold first and old inventory would be in ending…

Q: IJUN Company sells five kinds of products and reports its inveory at Lower of Cost and Net…

A: Answer:-  In the lower of cost and net realizable value which can be treated in the inventory price…

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

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

Q: Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years.…

A: Workings: Ending Inventory at base prices = $ 97000 - 92000…

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: sold? IJUN Company sells five kinds of products and reports its inventory at Lower of Cost and Net…

A: Inventory is values at cost of realizabe value which ever is lower, but the same is understood by…

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

A: Last-in, first-out (LIFO) is a strategy used to represent stock that records the most as of late…

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: 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: 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: At May 1, 2020, Marigold Company had beginning inventory consisting of 160 units with a unit cost of…

A: Inventory is the current assets represents under the head current asset in the balance sheet of the…

Q: A company adopted dollar-value LIFO on January 1, 2020, when the inventory value was $365,000 and…

A: The dollar-value method of valuing LIFO inventories is a method of determining cost by using…

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

A: LIFO Method:   It is a method of inventory valuation where the inventory purchased last will be sold…

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

A: Option C is correct i.e 360000 Inventory valuation 1/1/21=310000 Inventory valuation on…

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: 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: Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at…

A: Here in this question we are required to calculate dollar value LIFO inventory. In this method,…

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

A: The inventory can be valued using various methods as FIFO, LIFO and weighted average method.

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

A: Computation of inventory values at December 31st 2019,2020,2021 are shown below :

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: Dunk Company adopted the dollar-value LIFO inventory method on 12/31/2020 and uses one inventory…

A: The following are the answers:   1. The price index for 2021 is \$4.25. 2. The ending inventory for…

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: Kingston Company uses the dollar-value LIFO method of computing Inventory. An external price Index…

A: LIFO stands for Last in, first out, it is the method which is used for the inventory accounting that…

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

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

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: 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: 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: Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and an allowance for inventory…

A: Historical cost is the cost or the original cost of the Product which we used to own that.. Net…

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

A: THE DOLLAR-VALUE METHOD OF VALUING LIFO INVENTORY IS A METHOD OF DETERMINING COST BY USING (BASE…

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: 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: Current Attempt in Progress Marigold Corp. adopted the dollar-value LIFO method of inventory…

A: Inventory calculation can be done on LIFO dollar value where inventory is calculated at latest price…

Q: Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019.…

A:

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: 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: Bojangle Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory…

A: There are various methods of inventory valuation. FIFO-First In First Out LIFO-Last in first Out…

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: 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: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the cost of initial purchased items are…

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

A:

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.