The following information relates to the Jimmy Johnson Company. Date Ending Inventory(End-of-Year Prices) PriceIndex December 31, 2016 $ 70,000 100 December 31, 2017 90,300 105 December 31, 2018 95,120 116 December 31, 2019 105,600 120 December 31, 2020 100,000 125 Instructions Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2016 through 2020.
The following information relates to the Jimmy Johnson Company. Date Ending Inventory(End-of-Year Prices) PriceIndex December 31, 2016 $ 70,000 100 December 31, 2017 90,300 105 December 31, 2018 95,120 116 December 31, 2019 105,600 120 December 31, 2020 100,000 125 Instructions Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2016 through 2020.
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...
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The following information relates to the Jimmy Johnson Company.
Date | Ending Inventory (End-of-Year Prices) |
Price Index |
||
December 31, 2016 | $ 70,000 | 100 | ||
December 31, 2017 | 90,300 | 105 | ||
December 31, 2018 | 95,120 | 116 | ||
December 31, 2019 | 105,600 | 120 | ||
December 31, 2020 | 100,000 | 125 |
Instructions
Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2016 through 2020.
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