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Fofino [41]
3 years ago
14

In January, Stitch, Inc. adopted the dollar-value LIFO method of inventory valuation. At adoption, inventory was valued at $50,0

00. During the year, inventory increased $30,000 using base-year prices, and prices increased 10%. The designated market value of Stitch's inventory exceeded its cost at year-end. What amount of inventory should Stitch report in its year-end balance sheet?
A. $80,000
B. $83,000
C. $85,000
D. $88,000
Business
1 answer:
Dennis_Churaev [7]3 years ago
5 0

Answer:

B. $83,000

Explanation:

Inventory value at adoption = $50,000

Increase in inventory using base year price = $30,000

Current year Price increase = 10%

Increase price = $30,000 + ( $30,000 x 10% )

Increased price inventory = $30,000 + $3,000

Increased price inventory = $33,000

Amount of Inventory reported on balance = Inventory value at adoption + Increase price Inventory

Amount of Inventory to be reported on balance = $50,000 + $33,000

Amount of Inventory to be reported on balance = $83,000

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Answer:

The answer is "205,241"

Explanation:

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A Unit sold                                            240000        \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \     110000

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Smooth Skin is assigned the combined costs within each development process by way of the relative cost process                                        205,241

3 0
2 years ago
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Answer:

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3 years ago
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