NewCorp reported $367,000 of inventory on January 1 when the company decided to adopt Dollar-Value LIFO. On December 31 of that year, the inventory value at prices on that date totaled $404,250, and the price index was 105. What value should NewCorp report on its December 31 Balance Sheet for inventory under the Dollar-Value LIFO method?

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: The Genworth Company adopted the dollar-valu LIFO method on January 1, 2021 when the inventory value…

A: Inventory at the end: It refers to the stock in hand at the end of the year and reported in the…

Q: Coronado Company took a physical inventory on December 31 and determined that goods costing $199,600…

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

Q: The following information appears on the Kimchi Jjigae Company’s records for the year ended December…

A: Inventory refers to all the material, goods held for sale, merchandise, etc held by a business for…

Q: Over a four-year period, Jackie Corporation reported the following series of gross profits.…

A: Gross profit: It can be defined as the difference between the cost of goods sold and the net sales…

Q: Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2016; $119,900…

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

Q: During the year ended December 31, 2020, The Zuckerberg Company purchased inventory for $500 and…

A: Cost of Goods Sold :— Cost of goods sold is the total amount your business paid as a cost directly…

Q: For numbers 17-18: Karina Company provided the following data for the current year: Cost Retail…

A: FIFO is a technique of inventory valuation under this inventory is recorded on the basis of first in…

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: Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The…

A: Average days in inventory depict the number of days for which a company holds its inventories before…

Q: The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows:…

A: Under FIFO method the oldest products in inventory have been sold first.

Q: Kante Company uses periodic FIFO for its internal report and periodic LIFO for its external reports.…

A: Calculate pretax income (LIFO) would Kante reports in external reports as show:

Q: Oriole Company had January 1 inventory of $291000 when it adopted dollar-value LIFO. During the…

A: Gross Profit = Sales - Cost of goods sold   Cost of goods sold = Beginning inventory + Purchases -…

Q: Wikki Inc. had the following transactions for the current year with respect to its inventory:

A: Unrealized holding gain is that results from holding on to an investment. It does not realize the…

Q: According to a FIFO calculation, Montana Co. estimated its year-end inventory to be worth $649,000.…

A: As per inventory valuation method, the finished goods inventory on balance sheet are carried at…

Q: LM ltd has the following products in inventory at the year end. Product             Quantity…

A: Inventory of an entity must be reported at the lower of two; cost or  NRV (Net realizable value).

Q: Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index…

A: Inventory: it refers to all the items, goods, merchandise, and materials held by a business for…

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: Concord Corporation had January 1 inventory of $305000 when it adopted dollar-value LIFO. During the…

A: Gross profit measures the direct profit of the business. it is the difference between the net sales…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A:

Q: Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were…

A: Purchase of goods in FOB shipping point means that ownership is transferred to the buyer at the time…

Q: On January 1, 2016, the Taylor Company adopted the dollar-value LIFO method. The inventory value for…

A: Dollar-Value-LIFO: This method shows all the inventory figures at dollar price rather than units.…

Q: Arppel Company uses a periodic inventory system and closes its accounts annually on 31 December.…

A: Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory Gross Profit = Net Sales -…

Q: Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory.…

A: The ending inventory is the inventory left in stock at year end and assumed to be sold during next…

Q: Waterway Industries had January 1 inventory of $310000 when it adopted dollar-value LIFO. During the…

A: LIFO- It is a method of valuation of inventory which calculate the inventory cost on the basis of…

Q: Carswell Electronics adopted the dollar-value LIFO method on January 1, 2016, when the inventory…

A: Dollar value LIFO method: In this method, the aggregate cost of inventory is compiled to layers for…

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO: Under this method, merchandise purchased last were used initially for sale or production…

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: The following information appears on the Kimchi Jjigae Company's records for the year ended December…

A: Pilferage Inventory: Pilferage is by and large a demonstration of taking things or things of little…

Q: Terry Company had January 1 inventory of $100,000 when it adopted dollar-value LIFO.During the year,…

A: The closing stock is valued as above:

Q: reat Stuff Emporium has 353 lamps in stock at the end of the year. Inventory records show the…

A: Average Cost Inventory Method The average cost method (AVCO) calculates the cost of ending…

Q: Terry Company had January 1 inventory of $100,000 when it adopted dollarvalue LIFO. During the year,…

A: Given informationOpening stock (inventory) = $100000purchase = 600000Closing stock = 143360Base…

Q: The following information appears on the Kimchi Jjigae Company’s records for the year ended December…

A: The question is related to ascertainment of estimated cost of inventory as on 31st December. Tradinf…

Q: On January 2020, Tony Corporation has the following inventory purchases: January 2 Bought 5,750…

A: Inventory costing methods are those methods which are used for valuation and costing of inventory.…

Q: Wildhorse Company took a physical inventory on December 31 and determined that goods costing…

A: In case of sale of 37000 control will transfer when goods reach to destination ,but they are in…

Q: The following information appears on the Kimchi Jjigae Company’s records for the year ended December…

A: Working Notes: 1. Cost of purchase =  Purchases - Purchase returns + Freight-in = (P1,150,000-…

Q: On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method.…

A:

Q: Carswell Electronics adopted the dollar-value LIFO method on January 1, 2018, when the inventory…

A: Given information is: Inventory value as on January 1, 2018 = $720,000 CPI as on January 1,2018 =…

Q: Sandhill Inc. reported inventory at the beginning of the current year of $320000 and at the end of…

A: Average inventory = (beginning inventory + ending inventory) /2 = (320000 + 371000) /2 = $345500

Q: Delta Apparel Inc. uses a perpetual inventory system. At the beginning of the year inventory…

A: The ending inventory is calculated as difference between total goods available for sale and cost of…

Q: adopted dollar-value LIFO

A: Last in, first out refers to the method which is used as a method in valuation of inventory in…

Q: The Product inventory balance of 62,754 on December 31, 2010 is based on the following information:…

A: 2011 Dec 31 Ending Product Inventory valued at FIFO = $85,000 Dec 31 Index Value for $ Value LIFO =…

Q: AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year…

A: FIFO: Under this inventory method, the units that are purchased first, are sold first. Thus, it…

Q: Blue Company took a physical inventory on December 31 and determined that goods costing $190,900…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

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: Citizens Inc. took a physical inventory at the end of the year and determined that $650,000 of goods…

A: Goods in transit and good in consignment both are considered as part of the inventory. hence both…

Q: What amount should be reported as inventory at a year-end

A: P3,100,000 amount should be reported as inventory at a year-end.

Q: On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this…

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

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.