Internal Indexes?Dollar-Value LIFO Presented below is information related to Kaisson Corporation for the last 3 years. Compute
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Internal Indexes?Dollar-Value LIFO Presented below is information related to Kaisson Corporation for the last 3 years. Compute the ending inventories under the dollar-value LIFO method for 2009, 2010, and 2011. The base period is January 1, 2009, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Base-Year Cost Quantities Current-Year Cost in Ending Item Inventories Unit Cost Amount Unit Cost Amount December 31, 2009 9,000 $2.00 $18,000 $2.20 $19,800 21,300 3.00 3.55 6,000 18,000 5.40 4,000 5.00 20,000 21,600 $56,000 $62,700 Totals December 31, 2010 9,000 $2.00 3.00 $18,000 20,400 $2.60 $23,400 25,500 38,400 3.75 6,800 6,000 30,000 5.00 6.40 $68,400 $87,300 Totals Base-Year Cost Quantities Current-Year Cost in Ending Unit Cost Amount Item Inventories Unit Cost Amount December 31, 2011 $2.00 3.00 5.00 $16,000 $2.70 $21,600 8,000 8,000 6,000 4.00 6.20 B. 24,000 30,000 32,000 37.200 Totals $70,000 $90,800
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Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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