Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. kingston company uses the dollar-value lifo method

Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is...

80.2K

Verified Solution

Question

Accounting

image
Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convertending Inventory to base year. The company began operations on January 1, 2021, with an inventory of $260,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended Ending Inventory December 31 Coat Index at Tear-Ind Conte (Relative to Base Year) 2021 2022 422,620 5336,000 1.13 2033 400,000 2024 1.06 Required: Calculate Inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.) Inventory DVL Cost Inventory Layers Converted to Base Year Cost Inventory at Year-End Inventory Year End Cost Layers at Cost Index Base Year Cost Inventory Layers Converted to Cost Inventory Year-End Inventory Layers atlase Cost Layers Year Cost Index Converted to Cost Date $ 01/01/2021 12012021 Base Base 2021 $ 0 12012022 Base 2021 2022 $ 0 12012023 Base 2021 2022 2023 o 12/312024 2021 2022 2023 2024

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

Physics
1.2K views

6 A conductor with rectangular cross section has dimensions ax 2a x 4a as shown...

Physics
1.2K views

6 The equivalent capacitance in the circuit shown in figure will be 10 A 4uF...

Accounting
1.2K views

The following budget information is available for the Arch Company for January Year 2: ...

Accounting
1.2K views

what effect does the following journal entry have on the amount of cash generated by...

Accounting
1.2K views

En mayo de 2020, Whitney solicit el divorcio de su esposo, Michael. Aunque vivieron separados...

Accounting
1.2K views

Prepare an income statement for the year ended December 31, 2017, using the single-step format....

Accounting
1.2K views

Compute the ending inventory at May 31 and cost of goods sold using the FIFO...

Accounting
1.2K views

Paul and Sandy Moede signed an $8,600 note at Citizens Bank. Citizens charges a 4.5%...

Accounting
1.2K views

How to put these statements on a journal entry analyze and Journalize all transactions on...

Accounting
1.2K views

Question 31 4 pts Keaubie Company sold merchandise on account for $4,400. They purchased the...

Accounting
1.2K views

Who is the servant of the firm with a share in the profits? ...

Finance
1.2K views

A deposit of $500 earns the following interest rates? 5 percent in the first year,...