Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Inventory At Base Year Cost Ending At Year- End Year 1/1/2021 $310,000 $310,000 12/31/2021 350,460 324,500 12/31/2022 430,660 353,000 Cost Index 1.00 1.08 1.22 Under the dollar-value LIFO method, the inventory at December 31, 2022, should be

Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Inventory At Base Year Cost Ending At Year- End Year 1/1/2021 $310,000 $310,000 12/31/2021 350,460 324,500 12/31/2022 430,660 353,000 Cost Index 1.00 1.08 1.22 Under the dollar-value LIFO method, the inventory at December 31, 2022, should be

Name: Bond Company adopted the dollar-value LIFO inventory method on Januar
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Description: Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFOmethod, Bond uses internal cost indexes and the multiple-pools approach. The following data were availablefor Inventory Pool No. 3 for the two years

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Ending Inventory Year At Year-End At BaseYear Cost Cost Index 1/1/2021 $ 303,500 $ 303,500 1.00 12/31/2021 339,200 320,000 1.06 12/31/2022 432,000 360,000 1.20 Under the dollar-value LIFO method, the inventory at December 31, 2022, should be
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Hsieh Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiplepools). The following data are available for inventory pool A for the 2 years following adoption of LIFO:At Base- At CurrentInventory Year Cost Year Cost1/1/2020 $334,000 $334,00012/31/2020 361,000 375,44012/31/2021 412,000 449,080
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2020 December 31, 2021 December 31, 2022 Inventory at Current Prices $1,200,000. $1,157,000. $1,160,000. $1,164,200. $1,284,000 1,450,000 1,625,000 Current Price Index 107 125 130 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO?
A company adopted the dollar-value LIFO inventory method on January 1, 2024. In applying the LIFO method, the company uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO: Year Ending Inventory Cost Index At Year-End At Base Year Cost 1/1/2024 $ 303,500 $ 303,500 1.00 12/31/2024 344,500 325,000 1.06 12/31/2025 435,540 357,000 1.22 Under the dollar-value LIFO method, the inventory on December 31, 2025, should be?
Wildhorse Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory At Base-Year Cost At Current-Year Cost 1/1/20 $209,300 $209,300 12/31/20 226,200 248,820 12/31/21 281,300 320,682 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021? December 31, 2021 Price Index enter the price index Dollar-value LIFO inventory $enter a dollar amount Save for Later
4. Ashbrook Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory At Base-Year Cost At Current-Year Cost 1/1/20 $200,000 $200,000 12/31/20 240,000 264,000 12/31/21 256,000 286,720 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021?
sweet Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of$63,000 and a retail price of $100,000. The following information is available.Year-EndInventory at Retail Current YearCost-Retail% Year-EndPrice Index2024 $127.200 60% 1062025 144.480 63% 1122026 133.400 64% 1152027 152,500 61% 125 The price index at January 1, 2024, is 100.Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to O decimal places, eg.78% and final answers to O decimal places, eg. 28,987.)2024 2025 2026 2027Ending inventory avoid images in solution thnx
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: What is the cost of ending inventory at December 31, 2020 under dollar-value LIFO? Date Inventory at current price Current price ind. Dec, 31, 2020 $1,284,000 107 Dec, 31, 2021 $1,450,000 125 Dec, 31, 2022 $1,625,000 130