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Feliz [49]
3 years ago
10

ABC Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was

$1,000,000 and the relevant price index was 1.00. Information regarding inventory for subsequent years is as follows: Date Inventory at Current Year Prices Price Index 12/31/2019 1,000,000 1.00 12/31/2020 1,285,200 1.08 12/31/2021 1,439,100 1.23 12/31/2022 1,625,000 1.30 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO
Business
1 answer:
Lana71 [14]3 years ago
4 0

Answer:

$1,209,100

Explanation:

The computation of the cost of the ending inventory as on Dec 31,2021 is shown below:

= Inventory as on Dec 31,2019 + {(Inventory as on Dec 31,2021 ÷ 2021 price index × 2019 price index) - Inventory as on Dec 31,2019} × 2021 price index ÷ 2019 price index

= $1,000,000 + {($1,439,100 ÷ 1.23 × 1) - $1,000,000} × 1.23 ÷ 1

= $1,000,000 + ($1,170,000 - $1,000,000) × 1.23

= $1,000,000 + $209,100

= $1,209,100

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shusha [124]

The answer is: averaged over time, Sheridan attends worship services regularly.

When we use principle of aggregation, we would not rely on single measurement to make a representation of a person's behavior. We rely more on multiple sets of measurements.

From the case above, Sheridan not attending the services for two weeks could be explained by things such as personal issues or physical illness. Since she considers herself as religious who attend regularly, it is very likely that averaged over time, Sheridan attends worship services regularly.

8 0
3 years ago
Read 2 more answers
In 2022 the Splish Brothers Inc. had net credit sales of $1020000. On January 1, 2022, the Allowance for Doubtful Accounts had a
zaharov [31]

Answer:

$35,300 (Credit)

Explanation:

Given that;

Allowance = 10% × $242,000 = $24,200

Amount written off of $34,200 would have made the balance in the allowance for doubtful debts

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5 0
2 years ago
Riverbed Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,280, Land $49
Rzqust [24]

Answer:

Explanation:

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Total assets = Total liabilities + stockholder equity  

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Moreover, it always is prepared on the specified date.

The land is a fixed asset and patents is an intangible asset. Thus these items would not come in the current asset section

The preparation of the current assets section of the balance sheet is presented in the spreadsheet. Kindly find the attachment below:

5 0
3 years ago
The five generic types of competitive strategies include
zepelin [54]

Answer:

The correct answer is B) low-cost provider strategies, broad differentiation strategies, best-cost provider strategies.

Explanation:

A competitive advantage allows one company to produce or sell goods more effectively than another company. For that reason, entrepreneurs always try to develop competitive strategies that help them maintain that advantage.

According to researcher researcher Michael E. Porter, there are at least four types of competitive strategies: differentiation, cost leader, low cost approach, and low cost differentiation. Each entrepreneur can use one of these standard strategies or develop his own strategy since flexibility is an important characteristic of competitive strategies, although the reality is that most companies use one of these four generic strategies.

5 0
3 years ago
*Marking brainliest for the first right answer*
vichka [17]

Answer:

yaah lower is only the answer

3 0
3 years ago
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