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I NEED YOUR HELP ASAP DOING THIS, IT IS EASY BUT I DONT HAVE TIME. SEE ATTACHMENTS Q1: Richardson Company cans a variety of vegetable-type
I NEED YOUR HELP ASAP DOING THIS, IT IS EASY BUT I DONT HAVE TIME. SEE ATTACHMENTS
Q1: Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not understand how to value the inventory pools using this new method, so, as a private consultant, you have been asked to teach him how this new method works. He has provided you with the following information about purchases made over a 6-year period. Date Ending Inventory (End-of-Year Prices) Price Index Dec. 31, 2010 $80,000 100 Dec. 31, 2011 111,300 105 Dec. 31, 2012 108,000 120 Dec. 31, 2013 128,700 130 Dec. 31, 2014 147,000 140 Dec. 31, 2015 174,000 145 You have already explained to him how this inventory method is maintained, but he would feel better about it if you were to leave him detailed instructions explaining how these calculations are done and why he needs to put all inventories at a base-year value. Compute the ending inventory for Richardson Company for 2010 through 2015 using dollar-value LIFO. Ending Inventory 2010 2011 2012 2013 2014 2015 $ 80000 $ $ $ $ $ Click if you would like to Show Work for this question: Q2: The following information relates to the Jimmy Johnson Company. Ending Inventory Price (End-of-Year Prices) Index Date December 31, 2010 $ 70,000 100 December 31, 2011 90,300 105 December 31, 2012 95,120 116 December 31, 2013 105,600 120 December 31, 2014 100,000 125 Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2010 through 2014. 2010 2011 2012 2013 2014 Ending Inventory $ 70000 $ 86800 $ 82600 $ $ This one I need only your help in 2013, and 2014 as u see I solved the first threeStep by Step Solution
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