Maurice Tutor

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Category > Accounting Posted 23 Jul 2017 My Price 11.00

Richardson Company

(Dollar-Value LIFO) Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not understand how to value the inventory pools using this new method, so, as a private consultant, you have been asked to teach him how this new method works. He has provided you with the following information about purchases made over a 6-year period.

Date

Ending Inventory  (End-of-Year Prices)

Price   Index

Dec. 31, 2008

$   80,000

100

Dec. 31, 2009

111,300  

105

Dec. 31, 2010

108,000  

120

Dec. 31, 2011

128,700  

130

Dec. 31, 2012

147,000  

140

Dec. 31, 2013

174,000  

145

You have already explained to him how this inventory method is maintained, but he would feel better about it if you were to leave him detailed instructions explaining how these calculations are done and why he needs to put all inventories at a base-year value.

Instructions

(a) Compute the ending inventory for Richardson Company for 2008 through 2013 using dollar-value LIFO.

(b) Using your computation schedules as your illustration, write a step-by-step set of instructions explaining how the calculations are done. Begin your explanation by briefly explaining the theory behind this inventory method, including the purpose of putting all amounts into base-year price levels.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 08:07 PM My Price 11.00

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