Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Oasis' records.   Date      PriceIndex    Ending Inventory at Base Prices     Ending Inventoryat Dollar-Value LIFO December 31, 2020    105    $92,000    $92,600 December 31, 2021   ?  97,000  98,350 Instructions Calculate the index used for 2021 that yielded the above results.

Q: Elster Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2007. Its…

A: Date Inventory Amount $ Cost of ending inventory CPI Dec 31 , 2017 220000   100 Dec 31…

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

A: Last-in-First-Out: In Last-in-first-out method, the costs of last purchase items are considered as…

Q: Crane Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Working:   Item D Item E Item F Item G Item H Item I Selling price (A) $ 122.00…

Q: In 2017, Blue company adopted the Dollar-Value LIFO method for externally reporting inventory. The…

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

Q: Waterway Company began operations on January 1, 2018, and uses the average-cost method of pricing…

A: Given: - For 2018: Average cost method=$16,110 FIFO method=$18,880 LIFO method=$12,030 For 2019:…

Q: You are provided with the following information for Novak Inc. for the month ended June 30, 2020.…

A: Calculate the total purchase quantity and value as follows: The total purchase quantity is 256 and…

Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: Inventory is the current assets of the company that is used in the production process.

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: Alster Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2015.…

A: Solution : Computation of inventory at base year prices and change from prior year - Alster…

Q: The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is…

A: The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is…

Q: Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its…

A: LIFO is last in first method that is used for inventory valuation. This says that inventory which is…

Q: Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: As per LCNRV rule, inventory has to be valued at Lower of Cost or Net Realisable Value Net…

Q: WHAT IS THE WEIGHTED-AVERAGE COST PER UNIT BASE OFF THE CHART??   You are provided with the…

A: Weighted average unit cost of inventory means on an average what will be unit cost of inventory.…

Q: Telamark Company uses the moving weighted average method for Inventory costing. Requlred: The…

A: 1. Weighted Average Method - Under Weighted Average Method Inventory are valued at average cost of…

Q: Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since…

A: SOLUTION WORKING NOTES   COMPUTATION OF EFFECT NET INCOME AFTER CHANGE- AVERAGE COST PER UNIT =…

Q: Covid Company used a perpetual inventory system.  At the end of 2020, the inventory account was…

A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…

Q: Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price…

A: LIFO is last in first out method of inventory valuation in which inventories which are purchased at…

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: Marigold Company has used the dollar-value LIFO method for inventory cost determination for many…

A: Determine the amount of change in base price.

Q: Sultan Co. uses the retail inventory method to estimate its inventory for interim statement…

A: Inventory is the current asset of the company that includes the raw materials which are required to…

Q: Pharoah Company has used the dollar-value LIFO method since January 1, 2017. Pharoah uses internal…

A: Price index 2018 = Inventory at current year cost/inventory at base year cost = $1482, 000/1300000 =…

Q: Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since…

A: What is meant by Inventory? It is the stock that is left unsold at the end of the year. Inventory…

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: Presented below is information related to Crane Company. Date   Ending Inventory (End-of-Year…

A: Date Ending Inventory(End-of-Year Prices) PriceIndex Inventory at base year price Change from the…

Q: Presented below is information related to Dino Radja Company.    Date       Ending…

A: Last in First Out (LIFO): Under this inventory method, the units that are purchased last, are sold…

Q: On January 1, 2011, the National Furniture Company adopted the dollar-value LIFO method of computing…

A: Inventory on Jan-1 is $ 200,000. If we assume prices at the beginning of the year to be 100%, we can…

Q: The following information relates to the Jimmy Johnson Company.    Date       Ending…

A: The dollar-value LIFO method is used by the companies which accounts the inventory by using LIFO…

Q: Sami Company had the following balances and transactions during 2020. Beginning inventory 10 units…

A: Answer:  With formula:

Q: The inventories of Berry Company for the years 2019 and 2020 are as follows:…

A: The financial transactions are initially recorded in the form of journal.

Q: Givens Company uses a periodic inventory system.Its records show the following for the month of…

A: The Numerical has covered the concept of First in First out method and Weighted Average Method 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: At the beginning of 2021, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory…

A: Dollar base lifo method of inventory valuation is the method which consider dollar value in…

Q: Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: The amount associated with the goods in inventory at the end of an accounting period is known as…

Q: Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019;…

A: Dollar Value LIFO Method Date Inventory at the end of the year Price Index Inventory at base year…

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: dollar-value LIFO method

A: Year Inventory  (end Year) (Actual Cost) Price Index nventory  (end Year) (base year Cost)…

Q: Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018.…

A: Method of Inventory: Inventory refers to the current assets that a company expects to sell during…

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: 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: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock…

A: Weighted average cost per unit= Total purchase and begcost/ Total purchased and beg unit

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

A: Date Inventory at end of the year Price Index Inventory at Base year Change from Prior year 2018…

Q: Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at…

A: Lower-of-cost or net realizable value (LCNRV): It is a method of valuing inventory under which…

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

A:

Q: The following information relates to the David Davis Company. Price Ending Inventory (End-of-Year…

A: Solution: Computation of inventory at base year prices and change from prior year - David Davis…

Q: Lithowanderer Company used the retail method to estimate inventory. Data relating to the inventory…

A: Retail inventory method:  Under this method, the closing stock of inventory is measured using cost…

Q: You are provided with the following information for Guillaume Inc. for the month ended June 30,…

A: Under FIFO METHOD:: BBeginning inventory::40*P40  =P1600 June 4:Purchases::135*P44 =P5940 June 18…

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.