The dollar-value LIFO method was adopted by Splish Corp. on January 1, 2025. Its inventory on that date was $413,600. On December 31, 2025, the inventory at pricesexisting on that date amounted to $392,000. The price level at January 1, 2025, was 100, and the price level at December 31, 2025, was 112.(a)Your answer is correct.Compute the amount of the inventory at December 31, 2025, under the dollar-value LIFO method.Inventory 12/31/25 under dollar-value LIFO methodeTextbook and Media+A350,000Attempts: 1 of 4 used × Your answer is incorrect.On December 31, 2026, the inventory at prices existing on that date was $430,215, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.Inventory 12/31/26 under dollar-value LIFO methodSA$377,600

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Description: The dollar-value LIFO method was adopted by Splish Corp. on January 1, 2025. Its inventory on that date was $413,600. On December 31, 2025, the inventory at pricesexisting on that date amounted to $392,000. The price level at January 1, 2025, was 10

The dollar value LIFO method is used to estimate the inventory balances on the basis of the change…

Business

Accounting

Your answer is incorrect. On December 31, 2026, the inventory at prices existing on that date was $430,215, and the price level was 115. Compute the inventory on that date under the dollar- value LIFO method. Inventory 12/31/26 under dollar-value LIFO method $ 377,600

Your answer is incorrect. On December 31, 2026, the inventory at prices existing on that date was $430,215, and the price level was 115. Compute the inventory on that date under the dollar- value LIFO method. Inventory 12/31/26 under dollar-value LIFO method $ 377,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2020. Its inventory on that date was $160,000. On December 31, 2020, the inventory at prices existing on that date amounted to $140,000. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Instructions a. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. b. On December 31, 2021, the inventory at prices existing on that date was $172,500, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.
The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that date was $155,200. On December 31, 2020, the inventory at prices existing on that date amounted to $134,400. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. (a) Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20 under dollar-value LIFO method %24
The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that date was $155,200. On December 31, 2020, the inventory at prices existing on that date amounted to $134,400. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20 under dollar-value LIFO method Compute the inventory on that date under the dollar-value LIFO method.
Carswell Electronics adopted the dollar-value LIFO method on January 1, 2018, when the inventory value ofits one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index(CPI), to adjust for changes in the cost level. On January 1, 2018, the CPI was 240. On December 31, 2018, inventory valued at year-end cost was $880,000 and the CPI was 264.Required:Calculate the inventory value at the end of 2018 using the dollar-value LIFO method.
The Genworth Company adopted the dollar-value LIFO method on January 1, 2021 when the inventory value of its one inventory pool was $594,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2021, the CPI was 240. On December 31, 2021, inventory valued at year-end cost was $672,000 and the CPI was 252. Required: Calculate the inventory value at the end of 2021 using the dollar-value LIFO method.
Carswell Electronics adopted the dollar-value LIFO method on January 1, 2021, when the inventory value of its one inventory pool was $720,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2021, the CPI was 240. On December 31, 2021, inventory valued at year-end cost was $880,000 and the CPI was 264.Required:Calculate the inventory value at the end of 2021 using the dollar-value LIFO method.
Elster Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2007. Its inventory on that date was $220,000, and the external price index on that date was 100. Here is additional information regarding the inventory: Inventory atPriceDateCurrent PricesIndex December 31, 2017 $220,000 100 December 31, 2018 $256,800 107 December 31, 2019 $290,000 125 December 31, 2020 $325,000 130 8.What is the cost of the ending inventory at December 31, 2018 under dollar-value LIFO? a.$240,000. b.$256,800. c.$241,400. d.$235,400. 9.What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO? a.$256,240. b.$254,400. c.$250,000. d.$259,000.
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Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Oasis' records. Date PriceIndex Ending Inventory at Base Prices Ending Inventoryat Dollar-Value LIFO December 31, 2020 105 $92,000 $92,600 December 31, 2021 ? 97,000 98,350 Instructions Calculate the index used for 2021 that yielded the above results.
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