On December 31, 2018, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2019
Question:
On December 31, 2018, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2019 are as follows:
Required:
Compute the cost of Davison’s inventory at December 31, 2019.
Transcribed Image Text:
Retail LIFO Cost Inventory, 12/31/2018 Inventory, 12/31/2019 Increase in price level for 2019 Cost-to-retail ratio for 2019 $500,000 $660,000 $360,000 10% 70%
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
Ending inventory converted to baseyear prices 660000 100110 60000...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Question Posted:
Students also viewed these Business questions
-
On December 31, 2006 Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2007 are as follows: Required Compute the cost of Davison Company's inventory at...
-
On December 31, 2009, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2010 are as follows: Required Compute the cost of Davison Companys inventory at...
-
On December 31, 2012, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2013 are as follows: Required: Compute the cost of Davison's inventory at December 31,...
-
If a pure discount three-year bond sells for $782 and a pure discount four-year bond sells for $733, what is the expected 12-month interest rate in three years time? Both have a face value of $1000....
-
A very large vat of water has a hole 1.00 cm in diameter located a distance 1.80 m below the water level. (a) How fast does water exit the hole? (b) How would your answer differ if the vat were...
-
The functions in Exercises 1128 are all one-to-one. For each function, a. Find an equation for f -1 (x), the inverse function. b. Verify that your equation is correct by showing that f( f -1 (x)) = x...
-
A European recession and the U.S. economy a. In 2014, European Union spending on U.S. goods accounted for \(18 \%\) of U.S. exports (see Table 17-2), and U.S. exports amounted to \(15 \%\) of U.S....
-
(Conversion of Bonds) On January 1, 2010, when its $30 par value common stock was selling for $80 per share, Bartz Corp. issued $10,000,000 of 8% convertible debentures due in 20 years. The...
-
*7. Verify the divergence theorem (i.e. show in the mathematical statement of the theorem that LHS = RHS) for the vector field A = 2xzi+zxj + (z xyz + 2)k, : and the region in z 0 enclosed by x +...
-
A pipe carrying steam through a section of a factory vibrates violently when the driving pump hits a speed of 300 rpm. (See Figure P5.34.) In an attempt to design an absorber, a trial 9-kg absorber...
-
Wyatt Company adopts the dollar-value LIFO retail inventory method on January 1, 2019. The companys records reveal that the inventory on January 1, 2019, had a cost of $75,000 and a retail value of...
-
During the course of your examination of the financial statements of Burnett Co., a new client, for the year ended December 31, 2019, you discover the following: Inventory at January 1, 2019, was...
-
What are the differences in the explanations by conservative and progressive economists?
-
What is the leadership style of Jeff Bezos and Andy Jassy of Amazon? Leader-member exchange (LMX) leaders create in-groups and out-groups based largely on being similar to them and/or competency....
-
John carries 100/200 liability limits, $50,000 property damage limits, and $350 deductible collision insurance. He was recently involved in an accident in which he skidded on wet pavement and struck...
-
Description of the Leadership OB concept. The history and theories behind the use of this concept, as well as any negative opinions or theories against the concept. What benefits do you see with the...
-
(TVM) Sam retires today at the age of 61 and invests his life savings into an account that is guaranteed to earn 3.84% per year. Sam expects to live to the age of 89, withdraw $0.109min from the...
-
Think of a leadership scenario that you have experienced ( REORGANIZATION IN THE SALVAGE DEPARTMENT AT PROGRESSIVE INSURANCE) and describe the situation in enough detail for the reader to clearly...
-
Answer each of the following independent questions. 1. Alex Meir recently won a lottery and has the option of receiving one of the following three prizes: (1) $64,000 cash immediately, (2) $20,000...
-
5. How much would you need to deposit in an account now in order to have $5,000 in the account in 5 years? Assume the account earns 2% interest compounded monthly. 10. You deposit $300 each month...
-
Identify at least three alternatives for measuring liabilities.
-
How are the measurement attributes historical cost and fair value defined? When are they the same?
-
Identify at least three alternatives for measuring liabilities. Discuss.
-
A shop has implemented a new coupon discount program for its customers. Employees could be scanning coupons but charging the customers full price and then pocketing the difference.) explain,construe...
-
In 2014, the cost of the most frequently bough consumer goods was 2.364 times higher than in 1982 (the CPI in 2014 was 236.4), and in 2015, the cost of this basket of goods was 2.378 times higher...
-
Your friend is a hedge fund manager. He tells you that he has earned 6% returns on average above the S&P 500 return over the past five years, so he doesnt believe in efficient market. Do you agree...
Study smarter with the SolutionInn App