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Nataliya [291]
3 years ago
5

In 2005, Cobb adopted the dollar-value LIFO inventory method. At that time, Cobb's ending inventory had a base-year cost and an

end-of-year cost of $300,000. In 2006, the ending inventory had a $400,000 base-year cost and a $440,000 end-of-year cost. What dollar-value LIFO inventory cost would be reported in Cobb's December 31, 2006, balance sheet?
Business
1 answer:
kherson [118]3 years ago
6 0

Answer:

$410,000

Explanation:

The computation of the ending inventory under the LIFO method is shown below:

= Year end cost + difference of amount  × price level index

where,

Year end cost = Beginning cost

Difference of amount = $400,000 - $300,000 = $100,000

Price level index = $440,000 ÷ $400,000 = 1.1

So, the inventory cost is

= $300,000 + $100,000 × 1.1

= $300,000 + $110,000

= $410,000

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4 0
2 years ago
On August 1, our company purchases $1,000 worth of merchandise inventory on credit with the terms 2/10, n/30. What is the amount
vampirchik [111]

Answer:

a) $1,000

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However, to encourage customers to pay up their outstanding earlier than expected, suppliers do offer early settlement discount as incentives to induce prompt payment.

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Since the payment will be made on August 12, no cash discount will received. Therefore, a payment of gross amount of $1,000 would be credited to the cash account.

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3 years ago
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3 years ago
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Step 1.
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3 years ago
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