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

Use the Disk/Washer Method to find the volume of the solid of revolution formed by rotating...

Advance Math
1.2K views

How important is the use of an appropriate system of symbols to the development of a...

Operations Management
1.2K views

External and Internal Analysis of a business definition: The internal analysis tries to identify the current strategy and...

Physics
1.2K views

a) Calculate, in units of ℏ, the magnitude of the maximum total (orbital+spin) angular momentum for...

General Management
1.2K views

Incorrect cost estimates can negatively impact project schedules. Consequently, it is critical to have an effective estimating...

Advance Math
1.2K views

Consider the function ?: (?1,1) × (?1,1) ? ? given by ?(?, ?) = sin(?? +...

Calculus
1.2K views

Simplify the following assuming x 0 y 0 and z 0 288x y z 2...

Accounting
1.2K views

Marx Supply uses a sales journal, purchases journal, cash recelpts journal, cash payments journal, and...

Accounting
1.2K views

urgent help please! Comprehensive Problem is available in Connect with...

Accounting
1.2K views

Fahmy's Corporation manufactured 25,000 grooming kits for horses during March. The fixed-overhead cost allocation rate...

Accounting
1.2K views

This short discussion topic is mandatory and graded, though it is the only discussion topic...

Accounting
1.2K views

During 2018, Hardy Merchandising Company purchased $23,000 of inventory on account. Hardy sold Inventory on...