User Account

All Pages

Calculate ending inventory using the dollar value

Assignment Help Accounting Basics
Reference no: EM132515499

Question - XYZ Company adopted the dollar value LIFO inventory method on 1/1/15. The company's inventory on that date was $400,000, which is considered the base LIFO layer. Additional data about the company appear below.

Year December 31 inventory at end-of-year prices Price Index

1/1/2015 $400,000 100

12/31/2015 498,000 110

12/31/2016 516,000 121

Calculate ending inventory using the dollar value LIFO method at 12/31/16.

Reference no: EM132515499

Questions Cloud

Create T accounts for Sales : Create T accounts for 1) Sales, 2) Sales Returns and Allowances, 3) Cost of Goods Sold, and 4) Merchandise Inventory. Post the opening balance
Prepare the necessary adjusting entries at June : The bank statement included a debit memo of $40 for printing of additional company cheques. Prepare the necessary adjusting entries at June 30
Application of a range of theoretical concepts : Application of a range of theoretical concepts and frameworks needs to be in evidence - cademic merits as well as in terms of quality of your report
Prepare the adjusting journal entries required on December : Burke Bros. has a $40,000, 5.5% note payable. Interest is payable on a monthly basis on the first of the month. Prepare the adjusting journal entries required
Calculate ending inventory using the dollar value : XYZ Company adopted the dollar value LIFO inventory method on 1/1/15. Calculate ending inventory using the dollar value LIFO method at 12/31/16
Prepare the entry to record the sale of the bond : The company uses the 'effective interest' method to account for bond interest. Prepare the entry to record the sale of the bond on January 1, 2020
Calculate the recoverable amount : Cougar Corp.'s balance sheet includes the following asset: Less: accumulated depreciation (25,000). Calculate the recoverable amount
System architecture is descriptive representation : System architecture is the descriptive representation of the system's component functions and the communication flows between those components.
Calculate the impairment loss to be allocated to each asset : The value in use of the CGU is estimated to be $510 000. Calculate the impairment loss to be allocated to each asset within the CGU

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd