Business, 12.03.2022 22:50 alekvtaylor

Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Inventory at Current Date Current Prices Price Index December 31, 2017 $1,284,000 107 December 31, 2018 1,450,000 125 December 31, 2019 1,625,500 130 What is the cost of the ending inventory at December 31, 2017 under dollar-value LIFO? $1,284,000. $1,207,000. $1,200,000. $1,177,000.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 06:30

Selected data for stick’s design are given as of december 31, year 1 and year 2 (rounded to the nearest hundredth). year 2 year 1 net credit sales $25,000 $30,000 cost of goods sold 16,000 18,000 net income 2,000 2,800 cash 5,000 900 accounts receivable 3,000 2,000 inventory 2,000 3,600 current liabilities 6,000 5,000 compute the following: 1. current ratio for year 2 2. acid-test ratio for year 2 3. accounts receivable turnover for year 2 4. average collection period for year 2 5. inventory turnover for year 2

Answers: 2

Answer

Business, 22.06.2019 08:30

Conor is 21 years old and just started working after college. he has opened a retirement account that pays 2.5% interest compounded monthly. he plans on making monthly deposits of $200. how much will he have in the account when he reaches 591 years of age?

Answers: 2

Answer

Business, 22.06.2019 12:10

Laws corporation is considering the purchase of a machine costing $16,000. estimated cash savings from using the new machine are $4,120 per year. the machine will have no salvage value at the end of its useful life of six years and the required rate of return for laws corporation is 12%. the machine's internal rate of return is closest to (ignore income taxes) (a) 12% (b) 14% (c) 16% (d) 18%

Answers: 1

Answer

Business, 22.06.2019 17:10

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)

Answers: 3

Answer

You know the right answer?

Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2016....

Questions