What is the ending inventory using dollar - value LIFO

Assignment Help Accounting Basics
Reference no: EM133051080

Question - Michael Jones Company has adopted the dollar - value LIFO method in 2022. At December 31, 2022, the ending inventory at dollar - value LIFO is $105,000, with a price index of 1.00. At December 31, 2023, the ending inventory using FIFO is $129,000. The price index is 1.4 in 2023. Round all dollar amounts to the nearest dollar. What is the ending inventory using dollar - value LIFO at December 31, 2023?

Reference no: EM133051080

Questions Cloud

Diversification for a portfolio : 1.The Certainty Equivalent (CA) of a portfolio is:
Enhance operational performance : Provide a specific example of how a health care organization conducted benchmarking to enhance operational performance.
Prepare the entries on the appropriate dates : The Marx Corporation has 118,800 $1.5 noncumulative preferred shares that have been issued. Prepare the entries on the appropriate dates
Case-rapid city chamber of commerce : The Rapid City Chamber of Commerce periodically sponsors public service seminars and programs which are open to the public. Currently, promotional plans
What is the ending inventory using dollar - value LIFO : At December 31, 2022, the ending inventory at dollar - value LIFO is $105,000, What is the ending inventory using dollar - value LIFO
American accounting association model : Previously my family operated a garment wholesale company; we would buy in bulk overseas and then sell to local clothes shops specialising in affordable medium-
How does this impact the shareholders equity accounts : Assume a company with 400,000 shares of $5 par common stock outstanding pays a 5% stock dividend. How does this impact the shareholders equity accounts
Describe the alleged violation : In your paper, you are to identify a U.S. or foreign multinational corporation found guilty of violating the 1977 U.S. Foreign Corrupt Practices Act (FCPA) and
Information architecture and ux-ui design : Information Architecture and UX/UI Design - complete a critique and conduct a literature review to discuss a contemporary issue

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is correct adjusted entry to record installment sales

The seller expects a 20% profit from the sale of used machine; commission is 5%. What is correct adjusted entry to record installment sales

  A company charges the following amounts of overhead to jobs

a company charges the following amounts of overhead to jobs during the current year 12000 to jobs still in process

  In its first month of operations giffin company made three

in its first month of operations giffin company made three purchases of merchandise in the following sequence 1 300

  Find amount of dividends that distributed per Common Share

Adelphi Corporation has outstanding 1,000 shares of $100 par value, Find amount of dividends that distributed per Common Share

  Julian berta and maria own 400 shares 400 shares and 200

julian berta and maria own 400 shares 400 shares and 200 shares respectively in jbm corporation with earnings and

  Determine cost assigned to the ending inventory using fifo

Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO.Salmone Company reported

  What was the total credit sales for january

If accounts receivable decreased $7,200 and cash collections from customers were $157,200 during January, what was the total credit sales for January

  How think southwest plan to serve la guardia would impact

Consider how coordinating efforts of the two functions to successfully serve La Guardia might affect management and decision making.

  Calculate the amount of any input tax credits

Advise Shannon whether he is entitled to claim any input tax credits on the expenses paid during the quarter. Calculate the amount of any input tax credits

  Calculate the radius of a hypothetical satellite of uranus

Calculate the radius of a hypothetical satellite of Uranus, assuming that these particles are composed to water ice having a density

  Prepare an adjusted trial balance

Prepare an adjusted trial balance. Prepare an income statement and a retained earnings statement for December and a classified balance sheet at December 31.

  Compute the break-even point in total sales dollars

Compute the break-even point in total sales dollars and in units for 2016. Terry has proposed a plan to get the partnership "out of the red" and improve.

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