Big Box Retailer began business during 2017, and decided to usethe Dollar-Value LIFO Method...

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Accounting

Big Box Retailer began business during 2017, and decided to usethe Dollar-Value LIFO Method to accountfor Inventory.   On their December 31, 2017 BalanceSheet, Big Box reported an ending inventory balance of $2,000,000.
As of the end of 2017, Big Box scaled their price index to100.   Various Information for Big Box Retailer is asfollows:
                                            Inventory @      Price                                 Inventory Purchases
                                         “Current Cost”     Index             Year              DuringYear
    December 31,2018        $2,400,000           120               2018            $   6,000,000
    December 31,2019          2,250,000           125               2019                 8,000,000
A. At what amount will Big-Box Retailer report their EndingInventory on their December 31, 2018 BalanceSheet?
B. What is the “Cost of Goods Sold” reported byBig Box Retailer for their fiscal year ending December 31,2018?
C. At what amount will Big-Box Retailer reporttheir Ending Inventory on their December 31, 2019Balance Sheet ?

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In: AccountingBig Box Retailer began business during 2017, and decided to usethe Dollar-Value LIFO Method to...Big Box Retailer began business during 2017, and decided to usethe Dollar-Value LIFO Method to accountfor Inventory. On their December 31, 2017 BalanceSheet, Big Box reported an ending inventory balance of $2,000,000.As of the end of 2017, Big Box scaled their price index to100. Various Information for Big Box Retailer is asfollows: Inventory @ Price Inventory Purchases “Current Cost” Index Year DuringYear December 31,2018 $2,400,000 120 2018 $ 6,000,000 December 31,2019 2,250,000 125 2019 8,000,000A. At what amount will Big-Box Retailer report their EndingInventory on their December 31, 2018 BalanceSheet?B. What is the “Cost of Goods Sold” reported byBig Box Retailer for their fiscal year ending December 31,2018?C. At what amount will Big-Box Retailer reporttheir Ending Inventory on their December 31, 2019Balance Sheet ?