Calculate the inventory at the end of year

Assignment Help Accounting Basics
Reference no: EM133076760

Question - Conte Company has a beginning inventory in year one of $700,000 and an ending inventory of $847,000. The price level has increased from 100 at the beginning of the year to 110 at the end of year one.

At the end of year two, Conte's inventory is $943,000 in terms of a price level of 115 which exists at the end of year two. Calculate the inventory at the end of year two continuing the use of the dollar-value LIFO method.

Reference no: EM133076760

Questions Cloud

Successfully brand commodity product : hare what you've learned and what motivating factors are most likely to impact your decision making process.
Seeking donations to alleviate economic hardships : Why is lending money to entrepreneurs a better idea in developing an economy than seeking donations to alleviate economic hardships?
What is the maximum flow of cars : What is the maximum flow of cars from the hotel complex to Disney World?
What is john expected income : The following table displays uncertainties in John's monthly income:
Calculate the inventory at the end of year : At the end of year two, Conte's inventory is $943,000 in terms of a price level of 115 which exists at the end of year two. Calculate the inventory at the end
What is the present worth in year : Wrangler Western has some of its jeans stone- washed under a contract with independent U.S. Garment Corp. If U.S. Garment's operating cost per machine is $22,00
What monetary policy would you advise the rba : Suppose that inflation moves above the Reserve Bank of Australia's (RBA) target rate. Required
What is the proper per unit inventory price for product Z : Given the acquisition cost of product Z is $64, the net realizable value for product Z is $58, What is the proper per unit inventory price for product Z
Good substitute for the chips : Consider the following scenario: You have been awarded a contract to analyze sales data for a snack food company. They have introduced a new flavor

Reviews

Write a Review

Accounting Basics Questions & Answers

  What the amount of goodwill on consolidated balance sheet

On January 1, 20X1, Par Inc acquires 80.49% of Sub Corp for $165,931 in cash. What the amount of goodwill on consolidated balance sheet

  Company applies manufacturing overhead to products

Fairfield company applies manufacturing overhead to products at a predetermined rate of $50 per direct labor hour. Its manufacturing costs for the most recent period are summarized here:

  Who is taxed on the trust year income

Olinto expressly retained the power to revoke both the income interest and the remainder interest at any time. Who is taxed on the trust's year 1 income

  Assume chippewas uses a periodic system prepare all

chippewas company sells one product. presented below is information for january for the chippewas company. jan. 1

  Billed customers for fees earned

The following selected transactions were completed during August of the current year: 1. Billed customers for fees earned, $73,900.

  Compute the product margins for xtreme and pathfinder

Compute the product margins for the Xtreme and the Pathfinder products under the company's traditional costing system.

  How much cash will be needed to pay

A retailer purchases merchandise with a catalog list price of $30,000. How much cash will be needed to pay this invoice within the discount period

  How much is the consolidated retained earnings attributable

D's retained earnings balance at the date of acquisition was P3,450,000. How much is the consolidated retained earnings attributable to controlling interest

  Prepare the stockholder equity section of the balance sheet

The company authorizes the sale of 10% preferred stock, 50,000 shares at par value of $50. Prepare stockholder's equity section of the balance sheet for year

  Tom cruise lines inc issued bonds five years ago at 1000

tom cruise lines inc. issued bonds five years ago at 1000 per bond. these bonds had a 25-year life when issued and the

  What is the amount of under- or over-applied overhead

Actual direct labor hours for 2015 were 140,000, and actual overhead was $2,120,000. What is the amount of under- or over-applied overhead for the year

  What is the price of the bonds

The bonds mature in 10 years, have a face value of $1,000, and a yield to maturity of 9%. What is the price of the bonds

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!

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