Attached is information related to Fuchsia Corporation as of December 31 for the last three years,...
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Attached is information related to Fuchsia Corporation as of December 31 for the last three years, 20X1, 20X2, and 20X3. REQUIRED: Compute the ending inventories under the dollar value LIFO method for 20X1. 20X2, and 20X3. The base period is January 1, 20X1, and the beginning inventory cost at that date was $40,000. Compute indexes to two decimal places. FUCHSIA CORPORATION INFORMATION RELATED TO INVENTORIES FOR APPLYING DOLLAR VALUE LIFO METHOD FOR YEARS 20X1, 20X2, AND 20X3 Base Year Cost Current Year Cost Quantity in Ending Inventory Item Unit Cost Amount Unit Cost Amount 20X1 A 9,000| S 2.00 S 18,000 S 2.20 S 19.800 B 6,000 3.00 18,000 3.40 20,400 4,000 5.00 20,000 5.25 21,000 20X2 9,000 S 2.00 S 18,000 $ 2,45 S 22,050 A 6,800 3.00 20,400 3.65 24,820 6,000 5.00 30,000 5.50 33,000 C 20X3 2.00 S 16,000 $ 2.50 $ 20,000 8,000 $ A 3.00 24,000 4.10 32,800 8,000 B 5.00 30,000 5.60 33.600 6,000 Attached is information related to Fuchsia Corporation as of December 31 for the last three years, 20X1, 20X2, and 20X3. REQUIRED: Compute the ending inventories under the dollar value LIFO method for 20X1. 20X2, and 20X3. The base period is January 1, 20X1, and the beginning inventory cost at that date was $40,000. Compute indexes to two decimal places. FUCHSIA CORPORATION INFORMATION RELATED TO INVENTORIES FOR APPLYING DOLLAR VALUE LIFO METHOD FOR YEARS 20X1, 20X2, AND 20X3 Base Year Cost Current Year Cost Quantity in Ending Inventory Item Unit Cost Amount Unit Cost Amount 20X1 A 9,000| S 2.00 S 18,000 S 2.20 S 19.800 B 6,000 3.00 18,000 3.40 20,400 4,000 5.00 20,000 5.25 21,000 20X2 9,000 S 2.00 S 18,000 $ 2,45 S 22,050 A 6,800 3.00 20,400 3.65 24,820 6,000 5.00 30,000 5.50 33,000 C 20X3 2.00 S 16,000 $ 2.50 $ 20,000 8,000 $ A 3.00 24,000 4.10 32,800 8,000 B 5.00 30,000 5.60 33.600 6,000
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Answer Dollar value LIFO Yr Current yr cost ab Base yr ... View the full answer
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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