Dunk Company adopted the dollar-value LIFO inventory method on 12/31/2020 and uses one inventory pool. On this date, its inventory consisted of the following items: Item Number of Units Cost Per Unit A 300 $2.50 В 900 4.50 Additional information: December 31 2021 2022 Units of Item A in inventory Units of Item B in inventory 450 500 1,200 1,000 Cost of each unit of Item A $3.00 $3.25 Cost of each unit of Item B 5.50 6.00 Required 1. Compute the price index for 2021. Round to 2 decimal places. 2. Calculate the 12/31/2021 inventory. 3. Compute the price index for 2022. Round to 2 decimal places. 4. Calculate the 12/31/2022 inventory.

Dunk Company adopted the dollar-value LIFO inventory method on 12/31/2020 and uses one inventory pool. On this date, its inventory consisted of the following items: Item Number of Units Cost Per Unit A 300 $2.50 В 900 4.50 Additional information: December 31 2021 2022 Units of Item A in inventory Units of Item B in inventory 450 500 1,200 1,000 Cost of each unit of Item A $3.00 $3.25 Cost of each unit of Item B 5.50 6.00 Required 1. Compute the price index for 2021. Round to 2 decimal places. 2. Calculate the 12/31/2021 inventory. 3. Compute the price index for 2022. Round to 2 decimal places. 4. Calculate the 12/31/2022 inventory.

Name: Dunk Company adopted the dollar-value LIFO inventory method on 12/31/
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Description: Dunk Company adopted the dollar-value LIFO inventory method on 12/31/2020 and uses oneinventory pool. On this date, its inventory consisted of the following items:ItemNumber of UnitsCost Per UnitA300$2.50В9004.50Additional information:December 31202

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 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...

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