FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Michael Jones Company has adopted the dollar-value LIFO method in 2014. At December 31, 2014, the ending inventory at dollar-value LIFO is $100,000, with a

image text in transcribed
image text in transcribed
Michael Jones Company has adopted the dollar-value LIFO method in 2014. At December 31, 2014, the ending inventory at dollar-value LIFO is $100,000, with a price index of 1.00. At December 31, 2015, the ending inventory using FIFO is $125,000. The price index is 1.30 in 2015. Round all dollar amounts to the nearest dollar. What is the ending inventory using dollar-value LIFO at December 31, 2015? A)$100,000 $125,000 $119,231 DO $96,154

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Do It Yourself Home Energy Audits 140 Simple Solutions To Lower Energy Costs, Increase Your Home's Efficiency, And Save The Environmen

Do It Yourself Home Energy Audits 140 Simple Solutions To Lower Energy Costs, Increase Your Home's Efficiency, And Save The Environmen

Authors: David Findley

1st Edition

0071636390, 978-0071636391

More Books

Students also viewed these Accounting questions

Question

★★★★★
The pentadienyl radical, H2C == CH -- CH == CH -- CH2, has its unpaired electron delocalized over three carbon atoms. (a) Use resonance forms to show which three carbon atoms bear the unpaired...

Answered: 1 week ago

Question

★★★★★
29. Stratified Sampling: Let U1, . . . ,Un be independent random numbers and set U i = (Ui + i 1), i=1, . . . , n. Hence, Ui , i1, is uniform on ((i 1), i). ni =1 g( U i) is called the stratified...

Answered: 1 week ago

Question

★★★★★
Sorrentino Company, which has been in business for one year, manufactures specialty Italian pastas. The pasta products start in the mixing department, where durum flour, eggs, and water are mixed to...

Answered: 1 week ago

Question

★★★★★
Michael Jones Company has adopted the dollar-value LIFO method in 2014. At December 31, 2014, the ending inventory at dollar-value LIFO is $100,000, with a price index of 1.00. At December 31, 2015,...

Answered: 1 week ago

Question

★★★★★
Ivanhoe Inc. is considering one of three options: (1) paying a $0.55 cash dividend, (2) distributing a 5% stock dividend, or (3) effecting a 3-for-1 stock split. The current fair value is $13 per...

Answered: 1 week ago

Question

★★★★★
Sandolin Incorporated (SI) is a global, diversified firm whose shares trade on the major Canadian and U.S. stock markets. It owns numerous toll highways, several companies in the energy business, and...

Answered: 1 week ago

Question

★★★★★
ak-II IIIIGI I Iuu- W As a business consultant, you have been hired by a small .0 sneaker manufacturer whose goal is to produce sneakers with sustainably source material and ethical labor practices....

Answered: 1 week ago

Question

★★★★★
5. Sharon plans to contribute $400 to an RRSP every quarter for the next 28 years. During this time, the 3. Consider the sketch below and fill in the blanks: (5 marks) RRSP is expected to earn 9.8%...

Answered: 1 week ago

Question

★★★★★
5. Philosophers and scientists alike would argue that humans have: Only hedonic goals and purposes Only eudaimonic goals and purposes Neither hedonic nor eudaimonic goals and purposes A mixture of...

Answered: 1 week ago

Question

★★★★★
Mike was the policy owner and life insured of a 20-year term life insurance policy, with a $500,000 face value, on which he had named his spouse, Rachel, as the beneficiary. Unfortunately, Mike was...

Answered: 1 week ago

Question

★★★★★
6. Describe why communication is vital to everyone

Answered: 1 week ago

Question

★★★★★
2. Think of someone (a family member, a celebrity, a politician, a friend, a professor) who exhibits competent communication in a particular context. What behaviors does this person exhibit that make...

Answered: 1 week ago

Question

★★★★★
3. Keep a log of all the different channels (face to face, written, computer mediated, telephonic, others) you use to communicate during the course of one morning or afternoon. Do you regularly...

Answered: 1 week ago

Previous Question Next Question