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Category > Accounting Posted 23 Jul 2017 My Price 15.00

Dollar-Value LIFO

(Internal Indexes—Dollar-Value LIFO) Presented below is information related to Kaisson Corporation for the last 3 years.

 

Quantities in Ending   Inventories

Base-Year   Cost

Current-Year   Cost

 

 

 

Item

Unit Cost

Amount

Unit Cost

Amount

December 31, 2011

 

 

A

9,000

 

$2.00  

$18,000  

$2.20  

$19,800  

B

6,000

 

3.00

18,000  

3.55

21,300  

C

4,000

 

5.00

20,000  

5.40

21,600  

 

Totals  

$56,000
 

 

$62,700  

December 31, 2012

 

A

9,000

$2.00  

$18,000  

$2.60  

$23,400  

B

6,800

3.00

20,400  

3.75

25,500  

C

6,000

5.00

30,000  

6.40

38,400  

 

Totals  

$68,400  

 

$87,300  

December 31, 2013

 

A

8,000

$2.00  

$16,000  

$2.70  

$21,600  

B

8,000

3.00

24,000  

4.00

32,000  

C

6,000

5.00

30,000  

6.20

37,200  

 

Totals  

$70,000  

 

$90,800  
                   

Instructions

Compute the ending inventories under the dollar-value LIFO method for 2011, 2012, and 2013. The base period is January 1, 2011, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.

 

Answers

Maurice Tutor
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Status NEW Posted 23 Jul 2017 08:07 PM My Price 15.00

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