Question: In 2012, Van Hover Inc. adopted the dollar-value LIFO retail inventory method. The January 1, 2012, price index was 1.00. The following data are available

In 2012, Van Hover Inc. adopted the dollar-value LIFO retail inventory method. The January 1, 2012, price index was 1.00. The following data are available for the four-year period ending December 31, 2015.

Instructions:
Calculate the inventories to be reported at the end of 2012, 2013, 2014, and 2015. Incremental layers are costed at end-of-year prices.

Cost Retail 2012: Inventory, January 1 Purchases Sales Year-end price index .$148,050 $235,000 635,000 590,000 1.12 393,700 2013: Purchases Sales Year-end price index . $363,000 $550,000 579,170 1.08 2 2014 Purchases Sales Year-end price index 377,000 $650,000 641,955 1.09 2015 Purchases Sales Year-end price index $504,000 $800,000 762,500 1.12

Step by Step Solution

★★★★★

3.43 Rating (178 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 235000 635000 590000 280000 2 393700 635000 062 3 280000 550000 579170 250830 4 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1039-B-A-F-R (3544).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

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 January 1, 2013, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2013 and 2014 are as follows:...

In 2008, Van Hover Inc. adopted the dollar-value LIFO retail inventory method. The January 1, 2008, price index was 1.00. The following data are available for the 4-year period ending December 31,...

In 2010, Van Hover Inc. adopted the dollar-value LIFO retail inventory method. The January 1, 2010, price index was 1.00. The following data are available for the 4-year period ending December 31,...

In 1999, Van Hover Inc. adopted the dollar-value LIFO retaU inventory method. The January 1. 1999. price index was 1,00. The data shown on the next page are available for the 4-year period ending...

5. Carr, Inc. adopted the dollar-value LIFO retail inventory method on January 1, 2016, when the price index was 100. The following information was taken from company records on December 31, 2016,...

Guinea, Inc. adopted the dollar-value LIFO retail inventory method on January 1, 2020, when the price index was 100. The following information was taken from company records on December 31, 2020,...

Whispering Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $53,000 and a retail price of $100,000. The following...

Buffalo Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $57,000 and a retail price of $100,000. The following...

Metlock Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of $128,075 and a retail price of $235,000. The following...

Each of the four independent situations below describes a sales-type lease in which annual lease payments of $15,500 are payable at the beginning of each year. Each is a finance lease for the lessee....

A Rankine cycle uses ammonia as the working substance and powered by solar energy. It heats the ammonia to 140oC at 5000 kPa in the boiler/superheater. The condenser is water cooled and the exit kept...

How do you suppose the client will react to replacing some of the Blandy stock with high - risk stock?

What questions should you ask yourself before going online to perform legal research?

In 2013, the Slidell Corporation incurred research and development costs as follows: Materials and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $160,000...

Exploratory Company is an oil and gas exploration firm. During 2013, Exploratory engaged in 86 different exploratory projects, only 20 of which were successful. The total cost of this exploration...

Conglomerate Company purchased Individual Company for $935,000 cash. A schedule of the fair values of Individual's assets and liabilities as of the purchase date follows. 1. Make the journal entry...

Objective Explore the properties of different algorithms Identify the big O classification Compare algorithms to identify efficiency Instructions Answer all questions below .Record them in the...

General Instruction: Do the following activity independently. You may use MS Office Excel or any other available spreadsheet application to do and accomplish this practical exam. Thank you and God...

a & b please Apple Corporation had no debt on its balance sheet in 2008 , but paid $2 billion in taxes. Suppose Apple were to issue sufficient debt to reduce its taxes by $1.2 billion per year...