User Account

All Pages

The dollar-value lifo method the inventory

Assignment Help Accounting Basics
Reference no: EM13852403

Bond Company adopted the dollar-value LIFO inventory method on January 1, 2016. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach.

The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO:

 

 

Ending Inventory

 

At Current

At Base

 

Year

Cost

Year Cost

Cost Index

1/1/16

$307,000

$307,000

1.00

12/31/16

342,935

320,500

1.07

12/31/17

442,680

357,000

1.24

Under the dollar-value LIFO method the Inventory at December 31. 2017 should be

$366,705.

$357,000.

$357,945.

None of these answer choices is correct.

Reference no: EM13852403

Questions Cloud

Argumentative essay : Argumentative Essay on the three below authors and the chosen text they have written: Duong, Thu Huong. Novel Without a Name. Trans. Phan Huy Duong and Nina McPherson. New York: Penguin, 1996
What would be features of performance management of the tfl : If you were to advise Mayor of London, Boris Johnson, on the TfL, what would be the features of Performance Management of the TfL you would recommend to implement? What elements of the TfL would you measure?
Discuss how hawthorne uses the coming of age theme : Compare how death is depicted in Thanatopsis to how it is depicted in Dickinson's poem #479. Discuss how Hawthorne uses the coming of age theme in "Young Goodman Brown" and "My Kinsman, Major Molineux
How course generally contributed to professional knowledge : How the course has generally contributed to your professional knowledge and behavior including your appreciation of legal, ethical and social aspects that could be important in your future profession/s.
The dollar-value lifo method the inventory : Bond Company adopted the dollar-value LIFO inventory method on January 1, 2016. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach - Under the dollar-value LIFO method the Inventory at December 31
Has the cause of the war changed from the beginning : Has the cause of the war (what Luong, Bien, and Quan have fought for) changed from the beginning of the book? Has the senior leadership and its messaging (some call it propaganda) changed? Please use a quote to support your conclusion
Amount for common stock at year-end : Garnet Corporation was organized by issuing 100,000 shares of $1 par value common stock at a price of $50 cash per share. During the first year, Garnet had net income of $250,000 and paid $50,000 dividends. What is the balance sheet amount for com..
What are the important aspects of every-day life : What are the important aspects of every-day life in Paris as presented in the two films (Paris, I Love You and Amélie), and the two readings (The Man Who Could Walk Through Walls and The Two-Penny Bar)
Explain the importance of effective supply chain management : Explain the importance of effective supply chain management in achieving the organisation's business objectives. Explain the link between supply chain management and business functions in the organisation.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Melanie is auditing the sales of a new client in one

melanie is auditing the sales of a new client. in one procedure melanie performs she begins with the original sales

  Interest costs throughout construction

The contractor was paid $2,200,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000.

  On the first day of the current month rent for four months

for each of the following unrelated situations prepare the necessary adjusting entry in general journal formjuly 31sta.

  The financial statements for wesley corp included the

the financial statements for wesley corp. included the following selected financial information from the stockholders

  Budgeted overhead for the henderson company at normal

budgeted overhead for the henderson company at normal capacity the denominator level of activity of 30000 direct labor

  Cash flows from operating actions

Prepare, in good form, the cash flows from operating activities section of the statement of cash flows.

  Prepare cheng entry to record the exchange

Cheng Company traded a used truck for a new truck. The used truck cost $30,000 and has accumulated depreciation of $27,000. The new truck is worth $37,000.

  Identify and explain the inventory asset and cost flows of

identify and explain the inventory asset and cost flows of a merchandising company. provide

  Assess the project be sure to state the basis upon which

redbird inc. is considering an addition to its current operations. the figures are below. cost of the new project

  Differences between bac and eac

How would a project manager use the CPI? What are the differences between BAC and EAC?

  Problem related to drop in sales

Company sells a single product at $20 per unit. Sales- 100,000, variable costs $800,000, fixed costs $400,000 If a $4 drop in selling price will boost unit sales by 20% the company will experience:

  Bonnie and clyde are the only two shareholders in getaway

bonnie and clyde are the only two shareholders in getaway corporation. bonnie owns 60 shares with a basis of 6000 and

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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