Presented below is information related to Kaisson Corporation for the last 3 years. Base-Year Cost Current-Year Cost Item Quantitiesin EndingInventories Unit Cost Amount Unit Cost Amount December 31, 2019 A 9,000 $2.00 $18,000 $2.20 $19,800 B 6,000 3.00 18,000 3.55 21,300 C 4,000 5.00 20,000 5.40 21,600 Totals $56,000 $62,700 December 31, 2020 A 9,000 $2.00 $18,000 $2.60 $23,400 B 6,800 3.00 20,400 3.75 25,500 C 6,000 5.00 30,000 6.40 38,400 Totals $68,400 $87,300 December 31, 2021 A 8,000 $2.00 $16,000 $2.70 $21,600 B 8,000 3.00 24,000 4.00 32,000 C 6,000 5.00 30,000 6.20 37,200 Totals $70,000 $90,800 Instructions Compute the ending inventories under the dollar-value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.
Presented below is information related to Kaisson Corporation for the last 3 years. Base-Year Cost Current-Year Cost Item Quantitiesin EndingInventories Unit Cost Amount Unit Cost Amount December 31, 2019 A 9,000 $2.00 $18,000 $2.20 $19,800 B 6,000 3.00 18,000 3.55 21,300 C 4,000 5.00 20,000 5.40 21,600 Totals $56,000 $62,700 December 31, 2020 A 9,000 $2.00 $18,000 $2.60 $23,400 B 6,800 3.00 20,400 3.75 25,500 C 6,000 5.00 30,000 6.40 38,400 Totals $68,400 $87,300 December 31, 2021 A 8,000 $2.00 $16,000 $2.70 $21,600 B 8,000 3.00 24,000 4.00 32,000 C 6,000 5.00 30,000 6.20 37,200 Totals $70,000 $90,800 Instructions Compute the ending inventories under the dollar-value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 7RE
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Presented below is information related to Kaisson Corporation for the last 3 years.
| Base-Year Cost | Current-Year Cost | ||||
| Item | Quantities in Ending Inventories |
Unit Cost | Amount | Unit Cost | Amount |
| December 31, 2019 | |||||
| A | 9,000 | $2.00 | $18,000 | $2.20 | $19,800 |
| B | 6,000 | 3.00 | 18,000 | 3.55 | 21,300 |
| C | 4,000 | 5.00 | 20,000 | 5.40 | 21,600 |
| Totals | $56,000 | $62,700 | |||
| December 31, 2020 | |||||
| A | 9,000 | $2.00 | $18,000 | $2.60 | $23,400 |
| B | 6,800 | 3.00 | 20,400 | 3.75 | 25,500 |
| C | 6,000 | 5.00 | 30,000 | 6.40 | 38,400 |
| Totals | $68,400 | $87,300 | |||
| December 31, 2021 | |||||
| A | 8,000 | $2.00 | $16,000 | $2.70 | $21,600 |
| B | 8,000 | 3.00 | 24,000 | 4.00 | 32,000 |
| C | 6,000 | 5.00 | 30,000 | 6.20 | 37,200 |
| Totals | $70,000 | $90,800 |
Instructions
Compute the ending inventories under the dollar-value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.
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