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Can I please receive assistance finding LIFO reserve and Ending inventory using dollar-value lifo? On January 1,2024 , Displays Incorporated had the following account balances:
Can I please receive assistance finding LIFO reserve and Ending inventory using dollar-value lifo?
On January 1,2024 , Displays Incorporated had the following account balances: From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $346,000. b. Sold inventory on account for $650,000. The cost of the inventory sold was $326,000. c. Received $588,000 from customers on accounts receivable. d. Paid freight on inventory received, $40,000. e. Paid $336,000 to inventory suppliers on accounts payable of $344,000. The difference reflects purchase discounts of $8,000. f. Paid rent for the current year, $58,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $166,000. The payment was recorded to Salaries Expense. Year-end adjusting entries: a. Supplies on hand at the end of the year are $9,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $34,000
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