TRS Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. TRS uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. (Click the icon to view the data.) The cumulative price indices for 2022, 2023, and 2024, respectively are 1.00, 1.040, and 1.0867. Read the requirements. Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price index amounts to four decimal places as given in the information, X.XXXX. Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation amount.) Year 2022 2023 2024 2022 layer 2023 layer X 2024 layer liquidation - 2023 layer Requirements 2024 layer liquidation - 2022 layer Ending inventory under dollar-value LIFO a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. X b. Prepare the journal entry required to adjust the LIFO reserve for each year. Data table Print Done Description Inventory Flame Globe HD3 Base Year: 2022 Units 10,000 S 9,000 6,000 Total FIFO 2023 Units Total FIFO Cost Cost 500,000 3,000 $ 600,000 4,000 430,000 8,000 664,000 602,000 825,000 Units 2024 8,000 $ 9,000 6,000 Total FIFO Cost 435,000 375,000 190,000 Clear all Check answer
TRS Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. TRS uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. (Click the icon to view the data.) The cumulative price indices for 2022, 2023, and 2024, respectively are 1.00, 1.040, and 1.0867. Read the requirements. Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price index amounts to four decimal places as given in the information, X.XXXX. Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation amount.) Year 2022 2023 2024 2022 layer 2023 layer X 2024 layer liquidation - 2023 layer Requirements 2024 layer liquidation - 2022 layer Ending inventory under dollar-value LIFO a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. X b. Prepare the journal entry required to adjust the LIFO reserve for each year. Data table Print Done Description Inventory Flame Globe HD3 Base Year: 2022 Units 10,000 S 9,000 6,000 Total FIFO 2023 Units Total FIFO Cost Cost 500,000 3,000 $ 600,000 4,000 430,000 8,000 664,000 602,000 825,000 Units 2024 8,000 $ 9,000 6,000 Total FIFO Cost 435,000 375,000 190,000 Clear all Check answer
Chapter2: Building Blocks Of Managerial Accounting
Section: Chapter Questions
Problem 9EA: The cost data for Evencoat Paint for the year 2019 is as follows: Using the high-low method, express...
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Transcribed Image Text:TRS Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. TRS uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table.
E (Click the icon to view the data.)
The cumulative price indices for 2022, 2023, and 2024, respectively are 1.00, 1.040, and 1.0867.
Read the requirements.
Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price index amounts to four decimal places as given in the information,
XXXXX. Round all intermediary currency calculations and the amounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation amount.)
Year
2022
2023
2024
2022 layer
2023 layer
- X
2024 layer liquidation - 2023 layer
Requirements
2024 layer liquidation - 2022 layer
Ending inventory under dollar-value LIFO
a. Compute the company's ending inventory using dollar-value LIFO for each
year. Treat the three models as one group. Round to the nearest dollar.
b. Prepare the journal entry required to adjust the LIFO reserve for each year.
Data table
Base Year: 2022
Description
2023
2024
Print
Done
Total FIFO
Total FIFO
Total FIFO
Inventory
Units
Cost
Units
Cost
Units
Cost
Flame
10,000 S
500,000
3,000 $
664,000
8,000 $
435,000
Globe
9,000
600,000
4,000
602,000
9,000
375,000
HD3
6,000
430,000
8,000
825,000
6,000
190,000
Clear all
Check answer
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