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Smith Company adopted dollar-value LIFO (DVL) as of January 1, 2016, when it had an inventory of $690,000. Its inventory as of December 31, 2016, was $758,100 at year-end costs and the cost index was 1.05. What was DVL inventory on December 31, 2016?
$758,100
Reason:
$758,100/1.05 = $722,000 giving 2 layers of $690,000 and $32,000. $690,000 x 1.0 = $690,000 $32,000 x 1.05 = $33,600 $690,000 + $33,600 = $723,600
$724,500
Reason:
$758,100/1.05 = $722,000 giving 2
layers of $690,000 and $32,000. $690,000 x 1.0 = $690,000 $32,000 x 1.05 = $33,600 $690,000 + $33,600 = $723,600
$722,000
Reason:
$758,100/1.05 = $722,000 giving 2 layers of $690,000 and $32,000. $690,000 x 1.0 = $690,000 $32,000 x 1.05 = $33,600 $690,000 + $33,600 = $723,600
$723,600
alphabet company, which uses the periodic inventory method, purchases different letters for ...
Question: Alphabet Company, which uses the periodic inventory method, purchases different letters for resal...
Alphabet Company, which uses the periodic inventory method, purchases different letters for resale. Alphabet had no beginning inventory. It purchased A thru G in January at $4 per letter. In February, it
purchased H thru L at $6 per letter. It purchased M thru R in March at $7 per letter. It sold A, D, E, H, J and N in October. There were no additional purchases or sales during the remainder of the year.
1. use the information above to answer the following question. If Alphabet Company uses the LIFO method, what is the cost of its ending inventory?
Sets with similar termsUse the Following Information to Answer the Questions Below
Our Business uses a Perpetual FIFO Inventory Valuation System
1. On Jan 1, We received a $300,000 investment of cash from the Owners.
2. On Jan 5, We Bought 800 Golf Clubs for $50 each, total of $40,000 with a check.
3. On Jan 10, We Bought 800 Golf Clubs for $70 each, total of $56,000 on account.
4. On Jan 15, We paid January Rent in the Amount of
$20,000 with a Check.
5. On Jan 25, We Sold 1000 Golf Clubs to the Eagle Club for $200 each, total of $200,000 on account.
6. On Jan 30, We recorded January Salaries of $30,000 to be Paid on 10th of Next Month
7. On Jan 31, We The paid Dividends of $10,000 to the Owners.
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