On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2021 and 2022 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2021 and 1.08 for 2022.Required:Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method.

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

A: Date Inventory atEnd-of-year Prices Price Index Inventory at Base-year Prices Changefrom Prior Year…

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: At 31 December 2019, Alpha Ltd still had the same three different products in its inventory. The…

A:

Q: Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years.…

A: Workings: Ending Inventory at base prices = $ 97000 - 92000…

Q: Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value…

A:

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: onahue adopted the dollar-value LIFO retail inventory method on January 1, 2020. The following…

A: Answer:

Q: The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost…

A: Journal entries- Journal entries refer to the authorised book of a corporation which is used to…

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: On January 2020, Roel Corp. Has th following inventory…

A: FIFO method says that first in first out method in which inventories purchased first will be sold…

Q: At the beginning of 2021, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: Shondee Corporation uses the lower of cost or market and FIFO inventory methods. At the end of 2019,…

A: Income per year = (Value under FIFO Method - Value Under Cost Method) / No.of year

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

A: LIFO Method:   It is a method of inventory valuation where the inventory purchased last will be sold…

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: 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: Indigo Department Store converted from the conventional retail method to the LIFO retail method on…

A: Computation of 2020 and 2021 Year End Inventories Under the Dollar Value LIFO Method Computation…

Q: Davenport Department Store converted from the conventional retail method to the LIFO retail method…

A: Since there are multiple sub questions, first 2 sub-questions are answered, Please re-post this…

Q: Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Bay Inc. adopted dollar-value…

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

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

A: LIFO stands for Last in, first out, it is the method which is used for the inventory accounting that…

Q: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: LIFO assumes that inventory purchased latest is sold first. In the closing inventory, 8,000 units…

Q: Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: The dollar value method to valuate the LIFO inventories , is a method which determines the cost by…

Q: On January 1, 2016, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

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

Q: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: Last in First out (LIFO) is one of the inventory valuation methods in which the latest inventory…

Q: Webster Products, Inc., adopted the dollar-value LIFO method of determining inventory costs for…

A:

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: The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2020. Its inventory on that…

A: a.

Q: At December 31, 2020, the following information was available from HIBISCUS Company's accounting…

A: The retail Inventory Method is an accounting method used to ascertain the value of the Closing…

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: The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost…

A: The answer is as fallows

Q: At the beginning of 2018, a company adopts the dollar-value LIFO inventory method for its one…

A:

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: During January 2020, ABC Company which maintains a perpetual inventory system, recorded the…

A: Introduction: Under the moving average method of inventory valuation, cost of sale as well as cost…

Q: On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs…

A: As per our Q&A guidelines we are supposed to solve only question at once please post it as…

Q: Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.

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

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: On December 31,2019 an entity's ending inventory at cost was P3,000,000 and the allowance for…

A: Computation of loss to be recognized:     Beginning allowance for inventory = 550,000 Ending…

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: On December 31, 2021, ECHO Company appropriately changed its inventory valuation method to the FIFO…

A: Solution Introduction When there is change in the accounting method the effect of the change shall…

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: Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December…

A: In case of perpetual inventory system, inventory is constantly updated with changes in value. While…

Q: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the cost of initial purchased items are…

Q: Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value…

A: Working notes:  2019:   Inventory value on 2018 $200,000 Add: Layer of LIFO in 2019…

Q: The Ryan Corporation uses the periodic inventory method. The following data were available for the…

A: LIFO Reserve: LIFO reserve is the difference in value of inventory calculated using LIFO and FIFO…

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.