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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 7, Problem 9MC
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 26GI
Problem 27GI
Problem 28GI
Problem 29GI
Problem 30GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 15RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 17P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 11C
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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On December 31, 2018, Kern Company adopted the dollar-value LIFO inventory method. All of Kern’s inventories constitute a single pool. The inventory on December 31, 2018, using the dollar-value LIFO inventory method was $600,000. Inventory data for 2019 are as follows:

Chapter 7, Problem 9MC, On December 31, 2018, Kern Company adopted the dollar-value LIFO inventory method. All of Kerns

Under the dollar-value LIFO inventory method, Kern’s inventory method, Kern’s inventory on December 31, 2019, would be:

  1. a. $650,000
  2. b. $655,000
  3. c. $660,000
  4. d. $720,000

To determine

Compute the cost of ending inventory under Dollar-value LIFO method for Company K.

Explanation

Cost index:

Cost index refer to the index which relates the inventory cost of current year with the base year.

Double-extension method:

Under the double-extension method of cost index, the ending inventory of the current year are valued at the current year costs and related with the base year’s cost. The formula to calculate the cost index using the double-extension method is shown below.

Cost Index = Ending inventory at Current year costEnding inventory at Base year cost×100

 Compute the cost index:

Cost index = Ending inventory at Current year costEnding inventory at Base year cost×100=$780,000120×100=$650,000

Compute the cost of inventory under Dollar-value LIFO method:

Dollar-value LIFO  = (Cost of ending inventory of Previous year+(Difference in the inventory cost×1

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