What inventory balance would Ferret report

Assignment Help Financial Accounting
Reference no: EM132765730

Question - On January 1, 2018, Ferret, Inc., adopted the dollar-value LIFO method. The inventory cost on this date was $100,000. The 2018 ending inventory, valued at year-end costs, was $126,000. The relative cost index for this inventory in 2018 was 1.05. Suppose that Ferret's 2019 ending inventory, valued at year-end costs, was $143,000 and that the relative cost index for this inventory in 2019 was 1.10. Also suppose that Ferret's 2020 ending inventory, valued at year-end costs, was $153,600 and that the relative cost index for this inventory in 2020 was 1.20. What inventory balance would Ferret report on its 12/31/20 balance sheet?

A) $128,000

B) $129,800

C) $128,900

D) $153,600

Reference no: EM132765730

Questions Cloud

What is the most that you would be willing to pay : You estimate that a required rate of return of 12.18 percent, What is the most that you would be willing to pay for the common stock
How memo from an employee concerning the company : How memo from an employee concerning the company that you work for? In 2020 the lowest prices that common stock was sold was $98.85
What is business income of albert : Albert also had a sole proprietorship that made personal protective equipment- specifically cloth masks. The busines was doing ok but when Covid happened.
Type of genetic engineering : Genetic engineering can be used to create more productive strains of farm animals used for milk and meat production. By adding genes to an animal's DNA, the ani
What inventory balance would Ferret report : The inventory cost on this date was $100,000. What inventory balance would Ferret report on its 12/31/20 balance sheet
Why do you think researchers measure both the number : Why do you think researchers measure both the number and the percentage of species population declines across the globe?
How would you correct the type of an account : Why are Fixed Asset accounts often grouped into parent and subaccounts? How would you correct the type of an account? Why is it sometimes better to enter.
Contrast lactic acid and alcohol fermentation : 1) Compare and contrast lactic acid and alcohol fermentation and also give real-world examples for each.
Define the concept of organizational memory : Define the concept of Organizational Memory and discuss in detail how it could work better in the case of NASA's management of organizational memory

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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