In 2017, Blue company adopted the Dollar-Value LIFO method for externally reporting inventory. The following data was available for the first two years in which Blue used Dollar-Value LIFO: Ending inventory Year at year end costs Price index 12/31/17 $300,000 1.00 12/31/18 $345,600 1.08 Under the Dollar-Value LIFO method, at what amount should Blue record ending inventory as of DEC 31, 2018? Gooim, co, uses a periodic inventory system. IN 2018, the internal auditors of Gooim, discovered the following two errors related to the 2017 fianacial statements: (1) a $35 million purchase of inventory was recorded for $20 million and (2) ending inventory was understand by $6 million The journal entry needed in 2018 to correct these errors would included which of the follwing Debit ?, Credit ? During 2018, Blud corp paid $18,000,000 in cash to acquire a manufacturing plant, which consisted of both a tract of land and a building, in a lump sum purchase.. At what value should the land be recorded on Blue's books, assuming the land and building have the following fair marketing values if purchased separately? land : $6,600,000 building : $15,4,00,000 Answer all subparts.if answered within 45minsit would be helpful.i will upvote.
In 2017, Blue company adopted the Dollar-Value LIFO method for externally reporting inventory. The following data was available for the first two years in which Blue used Dollar-Value LIFO:
Ending inventory
Year at year end costs Price index
12/31/17 $300,000 1.00
12/31/18 $345,600 1.08
Under the Dollar-Value LIFO method, at what amount should Blue record ending inventory as of DEC 31, 2018?
Gooim, co, uses a periodic inventory system. IN 2018, the internal auditors of Gooim, discovered the following two errors related to the 2017 fianacial statements:
(1) a $35 million purchase of inventory was recorded for $20 million and
(2) ending inventory was understand by $6 million
The
Debit ?, Credit ?
During 2018, Blud corp paid $18,000,000 in cash to acquire a manufacturing plant, which consisted of both a tract of land and a building, in a lump sum purchase.. At what value should the land be recorded on Blue's books, assuming the land and building have the following fair marketing values if purchased separately?
land : $6,600,000
building : $15,4,00,000
Answer all subparts.if answered within 45minsit would be helpful.i will upvote.
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