Solution-The dollar-value lifo method the inventory

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.

User Account

All Pages

The dollar-value lifo method the inventory

Reference no: EM13852403

Reference no: EM13852403

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