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....

80.2K

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

Part A: What mass of water is produced from the complete combustion of 5.90×10−3 g of...

Programming
1.2K views

Joseph desired to use an internet domain addressfor his project management services business, and the domain...

Physics
1.2K views

an ini speed v ap Three charges 0 1 coulomb each are placed on the...

Basic Math
1.2K views

Find the solution to the system by the substitution method. Check your answer.-x+3y = -273x...

Accounting
1.2K views

You are required to provide an overview on how DMBS function within an organisation. Your...

Accounting
1.2K views

How do I find the book value per share with this information? \begin{tabular}{|c|c|c|c|} \hline...

Accounting
1.2K views

Question 28 (13 points) Last year, Luxury Leather Goods manufactured 200,000 purses. Luxury Leather Goods...

Accounting
1.2K views

Reviewing the illustration below. Which word fits best for C? Encrypted text Plain text Cipher...

Accounting
1.2K views

Cul es la base de los activos digitales recibidos por un contribuyente como pago por...

Accounting
1.2K views

TUULI-IIQUIS. ME TUHUMIY MULILIT MULTITALIUINIS avale vie lur me company as a whole and data...

Finance
1.2K views

You have been hired as a consultant for Pristine Urban-Tech Zither, Inc. (PUTZ). manufacturers of...

Finance
1.2K views

ROUND DOWN TO 2 PLACES OF DEMICALS FOR EVERY QUESTON. DENOTE RATE OF RETURN AND...