Solution-What is the end-of-the-current-year LIFO inventory

What is the end-of-the-current-year LIFO inventory value

Assignment Help Accounting Basics

Reference no: EM132672579

Problem - Amber Company has used the dollar-value LIFO technique for the past three years. The company has only one inventory pool. Its beginning inventory for the current year was computed as follows.

	Base Period Cost	LIFO Index	LIFO Layer
Base period inventory	$1,200,000	1.00	$1,200,000
Year 1 layer	300,000	1.04	312,000
Year 2 layer	400,000	1.06	424,000
	$1,900,000		$1,936,000

Required -

a. The current-year ending inventory (end of year 3) at current prices is $2,124,000, and the LIFO index is 1.06. Determine the company's LIFO inventory as of the end of the current year.

b. Assume that the current-year ending inventory at current prices is $1,850,000. What is the end-of-the-current-year LIFO inventory value?

Reference no: EM132672579

Questions Cloud

What is the horizon value : FCF growth rate is expected to be constant at 7% beyond that point. If the weighted average cost of capital is 16%, what is the horizon value at t = 8?

Jury system : Determine two typical complaints from either the defendant or the plaintiff that you believe commonly result from a jury trial.

Compute the initial carrying amount of the ppe for each item : You were hired by Charlie Company during 2019 as their new Accountant. Compute the initial carrying amount of the PPE for each item, i.e., 1 to 9

Study the effects of accelerated deforestation : Assume that you have been asked to lead a team of researchers to study the effects of accelerated deforestation on the native peoples of the Amazon.

What is the end-of-the-current-year LIFO inventory value : Assume that the current-year ending inventory at current prices is $1,850,000. What is the end-of-the-current-year LIFO inventory value

Discuss what group desired a bill of rights : Discuss what group desired a Bill of Rights and what group felt that a Bill of Rights was unnecessary. Who were they?

Jury misconduct : Analyze the need for jury sequestration in a capital offense case. Defend or critique the idea that jurors are rarely punished for misconduct.

What are the political parties in the united states : What are the Political Parties in the United States and how is Participation, Campaigns, and Elections Presentation

Create amortization schedule for the full bond term : Determine the selling price of the bonds. Round amount to the nearest whole dollar. Make amortization schedule for the full bond term.

User Account

All Pages

What is the end-of-the-current-year LIFO inventory value

Reference no: EM132672579

Reference no: EM132672579

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT