The Product inventory balance of 62,754 on December 31, 2010 is based on the following information: $-Value LIFO index at January 1, 2006 1.0000 $-Value LIFO index at December 31, 2006 1.0425 $-Value LIFO index at December 31, 2007 1.0750 $-Value LIFO index at December 31, 2008 1.0675 $-Value LIFO index at December 31, 2009 1.1400 $-Value LIFO index at December 31, 2010 1.1825 Ending inventory valued at FIFO $72,000 Dec 31 Ending product inventory of $85,000 valued at FIFO. Index value for $- Value LIFO on December 31,2011, is 1.2333. Need help making a closing entry for the bolded. Above it is some background

The Product inventory balance of 62,754 on December 31, 2010 is based on the following information: $-Value LIFO index at January 1, 2006 1.0000 $-Value LIFO index at December 31, 2006 1.0425 $-Value LIFO index at December 31, 2007 1.0750 $-Value LIFO index at December 31, 2008 1.0675 $-Value LIFO index at December 31, 2009 1.1400 $-Value LIFO index at December 31, 2010 1.1825 Ending inventory valued at FIFO $72,000 Dec 31 Ending product inventory of $85,000 valued at FIFO. Index value for $- Value LIFO on December 31,2011, is 1.2333. Need help making a closing entry for the bolded. Above it is some background

Name: The Product inventory balance of 62,754 on December 31, 2010 is based
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The Product inventory balance of 62,754 on December 31, 2010 is based on the following information:$-Value LIFO index at January 1, 2006 1.0000$-Value LIFO index at December 31, 2006 1.0425$-Value

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

See similar textbooks

Similar questions

The following information relates to the David Davis Company. Price Ending Inventory (End-of-Year Prices) Date Index December 31, 2016 $69,400 100 December 31, 2017 102,080 116 December 31, 2018 110,208 128 December 31, 2019 123,816 132 December 31, 2020 116,058 138 Use the dollar-value LIFO method to compute the ending inventory for Davis Company for 2016 through 2020. Ending Inventory 2016 %24 2017 %24 2018 %24 2019 %24 2020 %24
Presented below is information related to Bonita Company. Price Index Date December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 2026 2027 $ $ Ending Inventory (End-of-Year Prices) $ $78,300 115,154 114,696 Compute the ending inventory for Bonita Company for 2022 through 2027 using the dollar-value LIFO method. 128,651 152,755 182,044 Ending Inventory 78300 112805 112800 118012 131986 100 155700 103 118 127 137 142
Compute the Inventory turnover ratio from the following information: Opening Stock =P50,000 Closing Stock =P80,000 Material Consumed%=DP3,90,000
Presented below is information related to Kingbird, Inc. End-of-Year Inventory Price Date (End-of-Year Prices) Index December 31, 2017 $ 1,200,000 100 December 31, 2018 1,522,500 105 December 31, 2019 1,562,000 110 December 31, 2020 1,813,500 117 Compute the ending inventory for Kingbird, Inc. for 2017 through 2020 using the dollar-value LIFO method. Ending Inventory 2017 2018 2019 2020 $ %24 %24
Compute the following ratios for 2022 and 2021. Inventory on December 31, 2020, was $330. Assets on December 31, 2020, were $1,910. Stockholders' equity-common on December 31, 2020, was $900. (Round current ratio and inventory turnover to 2 decimal place e.g. 15.25. Round other answers to 1 decimal place, e.g. 15.2 or 15.2%.) (a) (b) Inventory turnover (c) (d) (e) (f) Current ratio (g) Profit margin Return on assets Return on common stockholders' equity Debt to assets ratio Times interest earned 2022 1.67 2 7.73 :1 times % % % % times 2021 1.79 2 4.42 :1 times de % % % % times
Elster Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2007. Its inventory on that date was $220,000, and the external price index on that date was 100. Here is additional information regarding the inventory: Inventory atPriceDateCurrent PricesIndex December 31, 2017 $220,000 100 December 31, 2018 $256,800 107 December 31, 2019 $290,000 125 December 31, 2020 $325,000 130 8.What is the cost of the ending inventory at December 31, 2018 under dollar-value LIFO? a.$240,000. b.$256,800. c.$241,400. d.$235,400. 9.What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO? a.$256,240. b.$254,400. c.$250,000. d.$259,000.
Presented below is information related to Nash Company. Date Ending Inventory(End-of-Year Prices) PriceIndex December 31, 2017 $ 73,200 100 December 31, 2018 128,876 116 December 31, 2019 124,608 132 December 31, 2020 140,426 143 December 31, 2021 168,476 154 December 31, 2022 199,520 160 Compute the ending inventory for Nash Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $enter a dollar amount 2018 $enter a dollar amount 2019 $enter a dollar amount 2020 $enter a dollar amount 2021 $enter a dollar amount 2022 $enter a dollar amount
The following information relates to the Brian Lee Company. Date Date Ending Inventory (End-of-Year Prices) price index December 31, 2021 65600 100 December 31, 2022 118040 130 December 31, 2023 127728 December 31, 2024 143636 December 31, 2025 133765 Use the dollar-value LIFO method to compute the ending inventory for Lee Company for 2021 through 2025. 144 149 155
The following information was available for Metlock, Inc. at December 31, 2022: beginning inventory $82000; ending inventory $124000%3; cost of goods sold $620000; and sales $808000. Metlock inventory turnover ratio in 2022 was O 7.8 times. O 7.6 times. O 5.0 times. O 6.0 times. Saye for Later
Presented below is information related to X Company "Date End - of- Ending Inventory Year ) ( FIFO ) Price Index 2022 100,000 100 2023 229,000 103 2024 218,658 110 2025 239,700 115 2026 170,000 125 Instructions : What's JOURNAL ENTRIES for X company ?
The company had the following inventory at end-of-year prices: $1,230,000 in 2016 (base year), $1,345,000 in 2017, and $1,350,000 in 2018. The price index is 1.02 in 2017 and 1.03 in 2018. What is the LIFO effect in 2018? Round to the nearest whole number.
Pharoah Company has used the dollar-value LIFO method since January 1, 2017. Pharoah uses internal price indexes and multiple pools. At the end of calendar year 2018, the following data are available for Pharoah's inventory pool A. At Current-Year Inventory At Base-Year Cost Cost January 1, 2017 $ 1,000,000 $ 1,000,000 December 31, 2017 1,250,000 1,375,000 December 31, 2018 1,300,000 1,482,000 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory in Pool A be reported at December 31, 2018? December 31, 2018 Price Index Dollar-value LIFO inventory %24