Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. marigold corp. uses dollar-value lifo method of co

Marigold Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past...

50.1K

Verified Solution

Question

Accounting

imageimage

Marigold Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended December 31 2019 2020 Inventory at End-of-year Prices $651000 1255000 1350250 Price Index 1.00 1.05 2021 1.10 What is the 2020 inventory balance using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.) $1252450. O $1222450. O $1280000. O $1255000 Vaughn Manufacturing adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1150000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2020 December 31, 2021 December 31, 2022 Inventory at Current Prices $1289000 1482000 Current Price Index 108 126 131 1624000 What is the cost of the ending inventory at December 31, 2020 under dollar- value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.) O $1193519. $1197001. O $1242000. O $1289000

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

Advance Math
1.2K views

An eccentric Computing Science Professor decides to hide their hoard of NSERC funded money, 100 identical...

Medical Sciences
1.2K views

1.) HDL-cholesterol has a direct relationship with heart disease risk: higher HDL is associated with a...

Chemistry
1.2K views

What is the percent yield of dibenzalacetone when 0.212 g of benzaldehyde and 0.058 g of...

Physics
1.2K views

The AB and CD are two 20 space between AB and CD contains dielectric material...

Basic Math
1.2K views

K Given vectors u i 2j and v 5i yj find y so that the...

Calculus
1.2K views

8 points Use a change of variables to evaluate the following definite integral 4x 2x...

Calculus
1.2K views

Starting with the graph of f z 9 write the equation of the graph that...

Algebra
1.2K views

Which of the following is equivalent to the expression below Select all that apply 27y...

Accounting
1.2K views

Question 2: INHERENT RISK Midhaven Home Builders (MHB) was incorporated in December of 2017 and...

Accounting
1.2K views

Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a...

Accounting
1.2K views

+ Chapter 8 Homework Question 2 of 10 > 0.5/1 E Show Attempt History Current...

Accounting
1.2K views

CFG Company has the following employees: Wages Paid Edwardo $ 7,000...