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

The Genworth Company adopted the dollar-value LIFO method on January 1, 2021 when the inventory...

50.1K

Verified Solution

Question

Accounting

image
The Genworth Company adopted the dollar-value LIFO method on January 1, 2021 when the inventory value of its one inventory pool was $648,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2021, the CPI was 260. On December 31, 2021, inventory valued at year-end cost was $735,000 and the CPI was 273 Required: Calculate the inventory value at the end of 2021 using the dollar-value LIFO method. Date Inventory DVL Cost 12/31/2021

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

Chemistry
1.2K views

ionization energy is usually expressed in units of kj/ mole 1000 j = 1 Kj use the...

Medical Sciences
1.2K views

This is a list of some of the steps in the process of seeing a flash...

Medical Sciences
1.2K views

How does the twitch response to skeletal muscle?

Electrical Engineering
1.2K views

A 440 VDC, 60hp, cumulative compound long shunt motor has an armature resistance of .1 Ohm,...

Physics
1.2K views

A jewel smith wishing to buff a finished piece of jewelry attaches a buffing disk...

Basic Math
1.2K views

15 A perfume box is in the shape of a hexagonal prism Find the lateral...

Statistics
1.2K views

If the correlation coefficient is negative this means O there is a strong correlation between...

Calculus
1.2K views

Find the lateral area of this pyramid whose base is an equilateral triangle. Its slant...

Accounting
1.2K views

Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January...

Accounting
1.2K views

Answer each of the following questions related to various short-term liabilities: On September 1, 2020,...

Accounting
1.2K views

The identification and elimination of activities that fail to add value refers to external failures....

Accounting
1.2K views

Review Starbucks's 2017 financial statements and: a. Does the company use a multi-step or a...