Question
Your answer is partially correct. (Someone just answered this for me incorrectly, they neglected to recognize the negative change in 2024 and thus all the
"Your answer is partially correct." (Someone just answered this for me incorrectly, they neglected to recognize the negative change in 2024 and thus all the other answers were incorrect, i cannot be certain of their method because of this and am afraid to follow their logic to apply the negative value to 2024. Please see the below and help me with 2024,2025,and 2026Seeing other similar questions i cannot makeout how 2024 and 2025 are discerned. 99% of the time I can apply my problem to an answer to a similar one, but with this, too many assumptions by the answering person were made about the students' knowledge.
Presented below is information related to Sunland Company.
| Date | Ending Inventory (End-of-Year Prices) | Price Index | ||||
|---|---|---|---|---|---|---|
| December 31, 2022 | $178,000 | 100 | ||||
| December 31, 2023 | 252,518 | 119 | ||||
| December 31, 2024 | 256,620 | 130 | ||||
| December 31, 2025 | 283,974 | 141 | ||||
| December 31, 2026 | 324,972 | 153 | ||||
| December 31, 2027 | 361,978 | 158 |
Compute the ending inventory for Sunland Company for 2022 through 2027 using the dollar-value LIFO method.
| Ending Inventory | |||
| 2022 | 178,000 | ||
| 2023 | 218,698 | ||
| 2024 | ??? | ||
| 2025 | ??? | ||
| 2026 | ??? | ||
| 2027 | ??? |
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Auditing An International Approach
Authors: Wally J. Smieliauskas, Kathryn Bewley
7th edition
1259259870, 1259087468, 70968292, 978-1259087462
