Determine the company lifo inventory

Assignment Help Accounting Basics
Reference no: EM131815427

Question - 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 inv. $1,400,000 1.00 $1,400,000

Year 1 layer 200,000 1.03 206,000

Year 2 layer 400,000 1.05 420,000

The current-year ending inventory at current prices is $2,226,000, and the LIFO index is 1.06 Determine the company's LIFO inventory as of the end of the current year.

Reference no: EM131815427

Questions Cloud

Calculating the depreciation expense for consolidated group : At the beginning of the current period, Jessica Ltd sold a used depreciable asset to its wholly owned subsidiary
Why you feel the use of animal testing for cosmetics : Using ethical theory, explain why you feel the use of animal testing for cosmetics is ethical or not.
Determine expected profit for each machine : ABC Machining needs to purchase a new machine to grow the business. The basic model is slower, slightly less precision quality but costs less.
Achievement of an organization strategic objectives : How can an effective HRM system help facilitate the achievement of an organization's strategic objectives?
Determine the company lifo inventory : The current-year ending inventory at current prices is $2,226,000, and the LIFO index is 1.06 Determine the company's LIFO inventory
Discuss pump troughs for accommodation of screw pumps : what is the construction method to ensure close contact between the screw pumps and the pump trough
Discuss what major trends are occurring in software : Discuss what major trends are occurring in software? What capabilities do you expect to see in future software packages? Connect this back to reverse logistics.
Find and describe an unintended consequence of a policy : Find and describe an unintended consequence of a policy program that should create policy evaluation or consideration of policy alternative.
Identify a supply chain in food or beverage : Identify a supply chain in food or beverage and how you would make that supply chain sustainable.

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.

  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!

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