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Lina20 [59]
3 years ago
7

Presented below is information related to Kingbird Corporation. Price Index LIFO Cost Retail Inventory on December 31, 2020, whe

n dollar-value LIFO is adopted 100 $34,200 $77,200 Inventory, December 31, 2021 110 ? 97,240 Compute the ending inventory under the dollar-value LIFO method at December 31, 2021. The cost-to-retail ratio for 2021 was 60%.
Business
1 answer:
erica [24]3 years ago
7 0

Answer:

Ending LIFO Value as on 31st dec,2021 = $54,924

Explanation:

Year Index LIFO Cost REtail

2020 100 $34,200 $77,200

2021 110 ? $97,240

Cost to Retail ration 2021 = 60% .

Hence TOTAL Cost of the inventory is = $58,344

LIFO Cost of inventory shall be calculated as follows

Inventory at base year prices = 58,344/110*100 = 53040.

Base year layers = 34,200+18,840

LIFO Value = 34,200*100/100 +18840*110/100

Ending LIFO Value as on 31st dec,2021 = $54,924

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4 0
1 year ago
Lester lent money to The Corner Store by purchasing bonds issued by the store. The rate of return that he and the other lenders
Alexxx [7]

Answer:

The correct answer is letter "E": cost of debt.

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The cost of debt is the interest a company pays on its borrowings. It is expressed as a percentage rate. Also, the cost of debt can be calculated as a before-tax rate or an after-tax rate. Before interest is deductible for income taxes, the cost of debt is usually expressed as an after-tax rate.

7 0
3 years ago
Phips Co. purchases 100 percent of Sips Company on January 1, 20X2, when Phips' retained earnings balance is $320,000 and Sips'
Taya2010 [7]

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3 0
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Answer:

Hope it helps

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