E8.23 (LO 4) (Dollar-Value LIFO) The following information relates to the Jimmy Johnson Company.Ending Inventory(End-of-Year Prices)PriceDateIndexDecember 31, 2016December 31, 2017December 31, 2018December 31, 2019December 31, 2020$ 70,00090,30095,120105,600100,000100105116120125InstructionsUse the dollarrvalue LIFO method to compute the ending inventory for Johnson Company for 2016through 2020.

Name: E8.23 (LO 4) (Dollar-Value LIFO) The following information relates to
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: E8.23 (LO 4) (Dollar-Value LIFO) The following information relates to the Jimmy Johnson Company.Ending Inventory(End-of-Year Prices)PriceDateIndexDecember 31, 2016December 31, 2017December 31, 2018December 31, 2019December 31, 2020$ 70,00090,30095,1

Business

Accounting

E8.23 (LO 4) (Dollar-Value LIFO) The following information relates to the Jimmy Johnson Company. Ending Inventory (End-of-Year Prices) Price Date Index December 31, 2016 $ 70,000 100 December 31, 2017 90,300 105 December 31, 2018 95,120 116 December 31, 2019 105,600 A 120 December 31, 2020 100,000 125 Instructions Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2016 through 2020.

E8.23 (LO 4) (Dollar-Value LIFO) The following information relates to the Jimmy Johnson Company. Ending Inventory (End-of-Year Prices) Price Date Index December 31, 2016 $ 70,000 100 December 31, 2017 90,300 105 December 31, 2018 95,120 116 December 31, 2019 105,600 A 120 December 31, 2020 100,000 125 Instructions Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2016 through 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Presented below is information related to Langston Hughes Corporation. Price 0Index0 LIFO 0Cost0 0Retail0 Inventory on December 31, 2020, when dollar-value LIFO is adopted 100 $36,000 $ 74,500 Inventory, December 31, 2021 110 ? 0100,100 Instructions Compute the ending inventory under the dollar-value LIFO method at December 31, 2021. The cost-to-retail ratio for 2021 was 60%.
On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $160,000 and $241,500, respectively. Net purchases during the year at cost and at retail were $725,600 and $896,000, respectively. Markups during the year were $11,000. There were no markdowns. Net sales for 2024 were $840,850. The retail price index at the end of 2024 was 1.05 . What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations. Multiple Choice $234,400 $307,650 $203,260 $246,120
On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $170,000 and $273,000, respectively. Net purchases during the year at cost and at retail were $719,200 and $890,000, respectively. Markups during the year were $9,000. There were no markdowns. Net sales for 2024 were $844,400. The retail price index at the end of 2024 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet?
If Karp had used FIFO instead of LIFO, the amount of inventory reported as of31 December 2009 would have been closest to:A. $465 million.B. $658 million.C. $775 million.
Elster Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2007. Its inventory on that date was $220,000, and the external price index on that date was 100. Here is additional information regarding the inventory: Inventory atPriceDateCurrent PricesIndex December 31, 2017 $220,000 100 December 31, 2018 $256,800 107 December 31, 2019 $290,000 125 December 31, 2020 $325,000 130 8.What is the cost of the ending inventory at December 31, 2018 under dollar-value LIFO? a.$240,000. b.$256,800. c.$241,400. d.$235,400. 9.What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO? a.$256,240. b.$254,400. c.$250,000. d.$259,000.
The Product inventory balance of 62,754 on December 31, 2010 is based on the following information: $-Value LIFO index at January 1, 2006 1.0000 $-Value LIFO index at December 31, 2006 1.0425 $-Value LIFO index at December 31, 2007 1.0750 $-Value LIFO index at December 31, 2008 1.0675 $-Value LIFO index at December 31, 2009 1.1400 $-Value LIFO index at December 31, 2010 1.1825 Ending inventory valued at FIFO $72,000 Dec 31 Ending product inventory of $85,000 valued at FIFO. Index value for $- Value LIFO on December 31,2011, is 1.2333. Need help making a closing entry for the bolded. Above it is some background
LM ltd has the following products in inventory at the year end. Product Quantity Cost Selling price Selling cost X 1,000 GHS40 GHS55 GHS8 Y 2,500 GHS15 GHS25 GHS4 Z 800 GHS23 GHS27 GHS5 At what amount should total inventory be stated in the statement of financial position?
E6-4 Inferring Shrinkage Using a Perpetual Inventory System [LO 6-2] In fiscal 2015, Madi's reported cost of goods sold (before shrinkage) of $15.6 billion, ending inventory for 2015 of $6.7 billion, and ending inventory for the previous year (2014) of $6.4 billion. Required: If the cost of inventory purchases was $16.5 billion, what was the cost of shrinkage during 2015? (Enter your answer in billions rounded to 1 decimal place.)
he dollar-value LIFO method was adopted by Bramble Corp. on January 1, 2020. Its inventory on that date was $298,300. On December 31, 2020, the inventory at prices existing on that date amounted to $280,000. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. (a) Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.
Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to that inventory is as follows selling price 610000 cost to sell 34000 replacement cost 549000 what should be the reported value of montanas inventory?
sweet Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of$63,000 and a retail price of $100,000. The following information is available.Year-EndInventory at Retail Current YearCost-Retail% Year-EndPrice Index2024 $127.200 60% 1062025 144.480 63% 1122026 133.400 64% 1152027 152,500 61% 125 The price index at January 1, 2024, is 100.Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to O decimal places, eg.78% and final answers to O decimal places, eg. 28,987.)2024 2025 2026 2027Ending inventory avoid images in solution thnx
Metlock Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $128,075 and a retail price of $235,000. The following information is available: 2024 2025 2026 2027 Year-End Inventory at Retail Ending inventory $256,100 $ 278,100 265,100 297,500 Current Year Cost-Retail% 2024 54% 56% 57% 55% Year-End Price Index $ 104 The price index at January 1, 2024, is 100. Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to 1 decimal place, e.g 78.7% and final answers to O decimal places, e.g. 28,987.) 108 110 119 2025 42 2026 $ 2027