Sparky Company adopted Dollar Value LIFO (DVL) on January 1, 20X1 for its one inventory...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Sparky Company adopted Dollar Value LIFO (DVL) on January 1, 20X1 for its one inventory pool. The inventory's value on this date was $360,000. The ending inventory valued at year-end costs for 20X1, 20X2 and 20X3 are reported below along with the price index for each year: Year Ending Inventory at Year-end Costs Specific Price Index Dec 31, 20X1 $407,570 106 Dec 31, 20X2 $439,450 110 Dec 31, 20X3 $427,800 115
a. Determine the Ending Inventory value to be reported on Sparky's balance sheet dated December 31, 20X3 using DVL (LIFO):
b. If Sparky purchased $1,250,000 of goods held in inventory for 20X3, determine COGS for the year ended December 31, 20X3 using Dollar Value LIFO:
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.