Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. compute the value of the inventory using the fi

1. Compute the value of the inventory using the FIFO and IFRS 2....

60.1K

Verified Solution

Question

Accounting

image
1. Compute the value of the inventory using the FIFO and IFRS
2. Explain why valuation and journal entries are different from LIFO and GAAP.
7:06 Part 2: Compute the Inventory value (Due at the end of unit 2) Best Value Hardware had the following inventory on hand at 12/31/16. BVH uses the LIFO method for measuring inventory. Item # Units |LIFO SCost!FIFO SCostlNRV Light bulbs 177,000 S115,050 S125,050 S150,450 Paint brushes 250,000 5250,000 $275,000$325,000 Live plants 150,000S375,000 S395,000 S337,500 Hoiday Riem 175,00 503,750 563,0 558,750 ,750 S568,750 Hammers 200,000 S550,000 S575,000 S600,000 1.893,800 $2.003.800 $1.981.700

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Having trouble calculating the error of a diluted solution in a 100mL volumetric flask. Concentration is...

Mechanical Engineering
1.2K views

Manufacturing Technology 1. Find out at least 3 types method to produce for powder technology 2. Hot Pressing...

Basic Math
1.2K views

You may need to use the appropriate appendix table or technology to answer this question. A simple...

Geometry
1.2K views

https www webassign net web Student Ass Sketch the solid and a typical disk or...

Algebra
1.2K views

Prove that if and y are sequences of real numbers such that and M 0...

Accounting
1.2K views

(Amalgamation) Lets suppose that are -structures, and and are -elemental submersions. Show...

Accounting
1.2K views

2. Notes Payable Worksheet Cash and Accounts Receivable Collections: Cash: 10% immediately Accounts Receivables: 87%...

Accounting
1.2K views

Emma smith worked 46 hours and produced 2,200 units under a piece-rate system. The regular...

Accounting
1.2K views

Amit is a partner in Reynolds Partnership. This year, Amit's Schedule K-1 from Reynolds reflected...

Accounting
1.2K views

4. A project has the following cash flows. What is the payback period? Year Cash...

Finance
1.2K views

Andrew believes he will receive a $15,000 bonus next year, and just calculated its present...

Finance
1.2K views

Old MathJax webview Coca-cola Co. 10-k (annual report) ...