1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Paladinen [302]
3 years ago
14

On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory po

ol on this date was $265,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:
Year Ended December 31 Inventory year end costs Cost index(relative to base year)
2021 $340,000 1.02
2022 350,000 1.06
2023 400,000 1.07
2024 430,000 1.10

Required:
Calculate inventory amounts at the end of each year.
Business
1 answer:
Gelneren [198K]3 years ago
7 0

Answer:

Avondale Lumber

Rebasing the Inventory at year-end using the dollar-value LIFO inventory method:

Year Ended     Inventory year     Cost index                Inventory Amount

December 31   end costs       (relative to base year)     at year-end

2021                  $340,000                  1.02                       $333,333

2022                   350,000                  1.06                       $330,189

2023                   400,000                  1.07                       $373,832

2024                   430,000                  1.10                       $390,909

Explanation:

a) Data:

Year Ended     Inventory year     Cost index

December 31   end costs       (relative to base year)

2021                  $340,000                  1.02

2022                   350,000                  1.06

2023                   400,000                  1.07

2024                   430,000                  1.10

b) The inventory at year-end costs is rebased using the cost index that is relative to the base year, by dividing the inventory costs by the cost index.

You might be interested in
A market structure in which many companies sell products that are similar but not identical called
Zina [86]
This is called a franchise
3 0
4 years ago
Read 2 more answers
Mallory hires Raghav to work for one year as an assistant manager at $5,500 per month, reserving the right to cancel the contrac
amid [387]

Answer: No, because Mallory and Raghav are not bound by the contract.

Explanation: Being bound by a contract entails being linked to a written agreement, the breaching of which could result in consequences lying with the person who breached the contract. However when this contract was entered into, there was a clause that allowed the parties to cancel the contract at any time. When Mallory fired Raghav the contract was subsequently cancelled, making the contract null and void (non - existent). This means that Raghav is not entitled to the outstanding 10 months' salaries.

7 0
3 years ago
Fun Stuff Manufacturing produces frisbees using a three-step sequential process that includes molding, coloring and finishing. W
VladimirAG [237]

Answer:

✓Debit to WIP Inventory-Finishing

✓credit to WIP Inventory-Coloring.

Explanation:

From the question, we are informed about Fun Stuff Manufacturing produces frisbees using a three-step sequential process that includes molding, coloring and finishing. When the frisbees and associated costs are transferred from the molding process to the coloring process, WIP Inventory-Finishing is to be debited, while WIP Inventory-Coloring is credited in the journal entry . WIP can be regarded as part of the overhead cost as well as raw materials, and labor cost at each stages during the process of production. When recording on the journal entry, journal entry can be regarded helps in recording any transaction as far as accounting system is concerned. Several recording are found in journal, and can fall in debit or credit side . At the journal entry, Debit side is at the left-hand side and credit side is at the right-hand side

4 0
3 years ago
Identify whether the given statements about climate change and economic growth are true or false. 1. Poorer countries have histo
GaryK [48]

Answer:

1. True 2. True 3. False 4. True

Explanation:

Identify whether the given statements about climate change and economic growth are true or false.

1. Poorer countries have historically been responsible for the bulk of world carbon emissions because of poor technology and environmental regulations.

<em>True, because they cannot afford advanced technologies that minimize carbon emissions and most of their production assets produces waste in form of emissions that damages the environment e.g. gas flaring</em>

2. Air and water quality in developed countries is generally much better today than it was several decades ago.

<em>True, over time governments have increased spending in the area of public health and waste management.</em>

3. Tackling climate change issues is likely to only modestly dent long-term economic growth.

<em>False, because tackling climate change will protect the environment and the resources therein which are harnessed for economic growth.</em>

4. Carbon emissions are negatively correlated with economic growth.

<em>True, because carbon emissions damage the environment which holds the resources for economic growth.</em>

3 0
3 years ago
Read 2 more answers
Mediflow, a medium-sized medical technology company, has been successful in its research and development, but needs improvement
sergejj [24]

Answer:

C.

Explanation:

Based on the scenario being described it can be said that the option that would most likely lead to long-term success would be acquire a company that has a successful medical technology sales force in Europe so that Mediflow can gain access to new distribution channels. This would drastically speed up the process of getting the technology in the hands of as many people as possible and therefore increase the company's profit.

3 0
4 years ago
Other questions:
  • The message "drink milk every day" is an example of which type of advertising
    15·1 answer
  • All of the following programs provide direct cash transfer except __.
    11·1 answer
  • Bates Company purchased equipment on January 1, 2006, at a total invoice cost of $600,000. The equipment has an estimated salvag
    14·1 answer
  • Suppose there are three commercial concrete suppliers that account for 90% of sales (of nearly identical products) in northern N
    10·1 answer
  • Boston’s Dairy has just opened its main yogurt factory in upstate Massachusetts. This main factory can produce 3,500 boxes of yo
    6·1 answer
  • Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 6,000 units during the year. The company has pr
    13·1 answer
  • If a student identifies herself as having strong skills and an interest in working on her own, which of the following might be a
    11·1 answer
  • Cullumber Company incurred $800000 of research and development costs in its laboratory to develop a new product. It spent $15000
    6·1 answer
  • How can interests play a role in planning for your career brainly
    6·1 answer
  • What could turn out to be risks of an entrepreneurial venture? Choose three
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!