Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to
Question:
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2018, with an inventory of $150,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:
Required:
Calculate inventory amounts at the end of each year.
Transcribed Image Text:
Year Ended December 31 Ending Inventory at Year-End Costs 2018 2019 2020 2021 $200,000 245,700 235,980 228,800 Cost Index (Relative to Base Year) 1.08 1.17 1.14 1.10
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
Ending Ending Inventory Inventory Layers Inventory Layers Inventory Date at B...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Question Posted:
Students also viewed these Cost Accounting questions
-
On January 1, 2014, Bonanza Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Bonanza continued to use the FIFO...
-
The Holiday Corporation, a private company, began operations on January I, 2011. During its first three years of operations, Holiday reported net income and declared dividends as follows: The...
-
The Great Graphics Group began operations on January 1, 2010. At the end of its second year of operations, and before any adjustments had been made, the trial balance was as follows: Analysis reveals...
-
A communal vegetable garden has been set up by the council for 68 members of a small self- sustaining community. Each of the 68 members can either contribute towards taking care of the garden or...
-
The 200-lb uniform tank is suspended by means of a 6-ft-long cable, which is attached to the sides of the tank and passes over the small pulley located at O. If the cable can be attached at either...
-
Changes in Fixed and Variable Costs; Target Profit and Break-Even Analysis Neptune Company produces toys and other items for use in beach and resort areas. A small, inflatable toy has come onto the...
-
What is the cost of capital equal to?
-
TourneSol Canada, Ltd. is a producer of high quality sunflower oil. The company buys raw sunflower seeds directly from large agricultural companies, and refines the seeds into sunflower oil that it...
-
(16) A data set has mean of 25 and Standard deviation of 12. If a data value has a z-score of 2=1.42 what was the original dat & data value? Round your answer to the nearest hundredth Recall that x-x...
-
The following are summaries of the cash book and bank accounts of Patsy Knight, a sole proprietor, who does not keep her books using the double entry system. Bank Summary Balance on I January 2018...
-
On January 1, 2018, the Taylor Company adopted the dollar-value LIFO method. The inventory value for its one inventory pool on this date was $400,000. Inventory data for 2018 through 2020 are as...
-
On January 1, 2018, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $260,000. An internally generated cost index is...
-
What is meant by baseline in a single-case design?
-
Cynicism is an important element in the works of Thomas Hardy and Rudyard Kipling. These authors questioned the validity of Victorian beliefs, much in the same way that you probably question some...
-
3. The U.S. auto industry produces approximately 6 million vehicles a year, each containing roughly 1.5 metric tons of fabricated metal. Consider a future wind-turbine industry having half of the...
-
Bambina Corporation, a manufacturer of beauty products has the following partially completed manufacturing cost data for its production. The relevant range of production is 800,000 to 1,200,000 per...
-
Eric saved $700 at the end of every year in his savings account at 4% compounded annually for 6 years. a. What is the accumulated value of the money at the end of 6 years? b. What is the interest...
-
Consider a project that requires an initial cash outflow of P500,000 with a life of eight years and a salvage value of P20,000 upon its retirement. Annual cash inflow before tax amounts to P100,000...
-
Bags of Skittles candies include six different colors: red, orange, yellow, green, blue, and purple. If the bag has an equal number of each of the six colors, what are the probabilities for each of...
-
Reduction in sales All of the above 29. Belt of an electric motor is broken, it needs a. Corrective maintenance b. Scheduled maintenance c. Preventive maintenance d. Timely maintenance. 30. The...
-
Target Corporation prepares its financial statements according to U.S. GAAP. Targets financial statements and disclosure notes for the year ended February 3, 2018, are available in Connect. This...
-
Johnstone Company is facing several decisions regarding investing and financing activities. Address each decision independently. 1. On June 30, 2021, the Johnstone Company purchased equipment from...
-
Air FranceKLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AFs financial statements and disclosure notes for the year...
-
Plum Corporation began the month of May with $700,000 of current assets, a current ratio of 2.50:1, and an acid-test ratio of 1.10.1. During the month, it completed the following transactions (the...
-
10 :06:31 Help Save & Exit Subm Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 lbs. $3 per lb.) Direct...
-
60. Which of the following statements is true based on the Pease limitation implemented by TCJA? a) Upon the implementation of the TCJA, specific itemized deduction became exempt from the Pease...
Study smarter with the SolutionInn App