Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on jan 1, 2020, omni-night company adopted dollar

On Jan 1, 2020, Omni-Night Company adopted Dollar Value LIFO. Below is the company's Dollar...

90.2K

Verified Solution

Question

Accounting

image
On Jan 1, 2020, Omni-Night Company adopted Dollar Value LIFO. Below is the company's Dollar Value LIFO chart for ending inventory as of Dec. 31, 2020. Layer Inventory at Base Price Index Costs DV LIFO Inventory Value 1/1/2020 80,000 1.0 80,000 12/31/2020 50,000 1.05 52.500 Total 130,000 132,500 On Dec. 31. 2021. Omni-Night had ending inventory at current (FIFO) costs of $165,000 and a price index for 2021 of 1.10. Answer the following two questions. On Dec. 31, 2021, what is Omni-Night's ending inventory at base year costs? Select] On Dec. 31, 2021, what is Omni-Night's ending Dollar Value LIFO inventory balance? Select]

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