Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

there are three questions. just this question needs to be answered. On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of

there are three questions. image text in transcribed
image text in transcribed
image text in transcribed
just this question needs to be answered. image text in transcribed
On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing Inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $205,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2021 2022 2023 Inventory at Cost Index Year-end (Relative to Costs Base Year) $270,000 1.08 313,600 1.12 316,250 1.15 Required: Compute inventory amounts at the end of each year using the dollar-value LIFO method. Date Ending Inventory DVL Cost 12/31/2021 12/31/2022 12/31/2023 Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 560 units @ $56 per unit $31, 360 Purchases: January 10: 560 units @ $61 per unit January 20: 1,120 units @ $65 per unit Sales: January 12: 940 units January 28: 810 units Required: Compute the January 31 ending inventory and cost of goods sold for Jaiuary, assuming Denver uses LIFO and a perpetual inventory system Ending inventory Cost of goods sold Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2021 December 31, 2021 Cost Retail $258,710 $ 410,888 645,272 1,011,000 13,100 3,100 600, 500 1.00 1.19 Required: Estimate the ending inventory for December 31, 2021. (Round "Cost-to-retail percentage" to 2 decimal places.) Estimated ending inventory (At Retail) Estimated ending inventory (At Cost) Check my Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 560 units @ $56 per unit $31,360 Purchases: January 10: 560 units @ $61 per unit January 20: 1,120 units @ $65 per unit Sales: January 12: 940 units January 28: 810 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a perpetual Inventory system Ending inventory Cost of goods sold

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

Auditing A Guide To Principles And Practice

Authors: J H Crowhurst

1st Edition

0304309052, 978-0304309054

More Books

Students also viewed these Accounting questions