Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years. The following

Question:

Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Oasis€™s records.

Instructions
Calculate the index used for 2008 that yielded the aboveresults.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting principles and analysis

ISBN: 978-0471737933

2nd Edition

Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso

See More Books

Question Posted: May 16, 2012 07:58 AM

See More Questions

The following data were extracted from the income statement of Brecca Systems Inc.: a. Determine for each year (1) the inventory turnover and (2) the number of days?? sales in inventory. Round to...
The following data were extracted from the income statement of Mountain Sports Inc.: a. Determine for each year (1) The inventory turnover (2) The number of days sales in inventory. Round to nearest...
The following data were extracted from the 2010 financial statements of Penske Automotive Group, Inc. This company operates automobile dealerships, mostly in the United States and the United Kingdom....
Calculate the oscillating frequency of a FET Hartley oscillator with C = 250pF, L1 = L2 = 1.5 mH, and mutual inductance between L1 and L2 is 0.5 mH.
Suppose you are a U.S. investor who is planning to invest $125,000 in Japan. You do so at a starting exchange rate of 84.28/$. Your Japanese investment gains 7 percent, and the ending exchange rate...
Optimistic Oil Corporation estimates the following costs to acquire, drill, and complete a well on Lease A: Would the investment be profitable if proved reserves are: a. 20,000 barrels? b. 30,000...
4. Noncontrolling interest, as it appears in a consolidated balance sheet, refers to: a Owners of less than 50 percent of the parent companys stock b Parents interest in subsidiary companies c...
Using PERT, Harold Benson was able to determine that the expected project completion time for the construction of a pleasure yacht is 21 months, and the project variance is 4. (a) What is the...
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance....
Vosges Haut-Chocolat is a chocolate brand seeking to make consumption of their chocolate a luxury experience which has grown along with the market for high-end chocolate. The video discusses how...
Tori Amos Corporation began operations on December 1, 2007. The only inventory transaction in 2007 was the purchase of inventory on December 10, 2007, at a cost of $20 per unit. None of this...
Enya Corp. adopted the dollar-value LIFO method on January 1, 2008. Its inventory on that date was $160,000. On December 31, 2008, the inventory at prices existing on that date amounted to $140,000....
Of what value is the Uniform System of Accounts?
Assume an organic compound has a partition coefficient between water and ethyl acetate equal to 8.12. If there are initially 7.10 grams of the compound dissolved in 75.0 mL of water, how many grams...
Berger Paint Pakistan limited produces three types of joint products, S ilver paint, G olden paint and D iamond paint. During March, 2020, the following information was recorded : Particulars Silver...
Choose an industry in which you are interested in working. How is that industry trending? What internal and external factors may affect the direction of the organization? For your initial post,...
show all work and Computations and if favorable or unfavorable. Standard Cost Data per 1 Unit Quantity Price Direct Labor 2 hrs $4.00/hr Actual Data: Units produced 20 20 Direct Labor 30 hrs; total...
4. A petroleum company is considering the expansion of its one unloading facility at its Australian refinery. Due to random variations in weather, loading delays, and other factors, ships arriving at...
(Web research) Use the Internet to identify a multinational company encoun tering tax problems related to transfer pricing between its organizational units in different countries. Prepare a brief...
U.S. households have become smaller over the years. The following table from the 2010 GSS contains information on the number of people currently aged 18 years or older living in a respondent's...
What interface is extended by AWT event listeners?
Carlyn Corporations accumulated depreciationfurniture account increased by $7,500, while $2,750 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of...
Carlyn Corporations accumulated depreciationfurniture account increased by $7,500, while $2,750 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of...
Ya Wen Corporations accumulated depreciationequipment account increased by $8,750, while $3,250 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of...
1. (A nice inharitage) Suppose $1 were invested in 1776 at 3.3% interest compounded yearly a) Approximatelly how much would that investment be worth today: $1,000, $10,000, $100,000, or $1,000,000?...
Why Should not the government subsidize home buyers who make less than $120K per year. please explain this statement
Entries for equity investments: 20%50% ownership On January 6, 20Y8, Bulldog Co. purchased 25% of the outstanding common stock of $159,000. Gator Co. paid total dividends of $20,700 to all...

Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years. The following

Question:

Date December 31, 2007 December 31, 2008 Price Index 105 Ending Inventory at Base Prices $92,000 97,000 Ending Inventory at Dollar-Value LIFO $92,600 98,350

Step by Step Answer:

97000 92000 5000 increase at ...View the full answer

Intermediate Accounting principles and analysis

Students also viewed these Managerial Accounting questions