Data for Questions 1 through 4 On January 1, 2017, Cuomo Corp. adopted the dollar-value LIFO inventory method. Inventory data are as follows: Date Price Index 01/01/2011 12/31/2017 12/31/2018 12/31/2019 12/31/2020 Ending Inventor at FIFO $ 214,000 231,000 224,640 238,650 237,440 100 105 108 111 QUESTION 3 Assume that Cuomo reported cost of goods sold of $2,350,000 using LIFO for 2020. Determine the cost of goods if the FIFO valuation method had been used instead. TT T Arial 3(12pt) T-5 - E- OES Path:p Wor QUESTION 4 Prepare the note to the financial statements that would be required for comparative 2 and 2020 financial statements. 1 Date Jinventory EOY Prices Price Index Inventory at Base Year Prices Change from Prior Year 2 1/1/2011 $ 214,000.00 100 $ 214,000.00 $ 3 12/31/2017 $ 231,000.00 105 $ 220,000.00 $ 6,000.00 4 12/31/2018 $ 224,640.00 108 $ 208,000.00 $ (12,000.00) 5 12/31/2019 $ 238,650.00 111 $ 215,000.00 $ 7,000.00 6 12/31/2020 $ 237,440.00 112 5 212,000.00 $ (3,000.00) Dollar Value Inventory Prices 2017= 214000 - $1 + 6000* 1.05 = $220300 Dollar Value Inventory Prices 2018= $208000 Dollar Value Inventory Prices 2019= $214000 * $1 + 1000* 1.05 = $215050 Dollar Value Inventory Prices 2020= $212000 LIFO reserve as of Dec 31 2017 = FIFO Inventory - LIFO Inventory = 231000 - 220300 = $10700 LIFO reserve as of Dec 31 2018 - Opening Balance as on 2018 + FIFO Inventory - LIFO Inventory = 10700 +224640 - 208000 = $27340 LIFO reserve as of Dec 31 2019 = Opening Balance as on 2019 + FIFO Inventory - LIFO Inventory = 27340 +238650 - 215000 = $50940 LIFO reserve as of Dec 31 2020 = Opening Balance as on 2020 + FIFO Inventory - LIFO Inventory = 50940 + 237440 - 212000 = $76380 Data for Questions 1 through 4 On January 1, 2017, Cuomo Corp. adopted the dollar-value LIFO inventory method. Inventory data are as follows: Date Price Index 01/01/2011 12/31/2017 12/31/2018 12/31/2019 12/31/2020 Ending Inventor at FIFO $ 214,000 231,000 224,640 238,650 237,440 100 105 108 111 QUESTION 3 Assume that Cuomo reported cost of goods sold of $2,350,000 using LIFO for 2020. Determine the cost of goods if the FIFO valuation method had been used instead. TT T Arial 3(12pt) T-5 - E- OES Path:p Wor QUESTION 4 Prepare the note to the financial statements that would be required for comparative 2 and 2020 financial statements. 1 Date Jinventory EOY Prices Price Index Inventory at Base Year Prices Change from Prior Year 2 1/1/2011 $ 214,000.00 100 $ 214,000.00 $ 3 12/31/2017 $ 231,000.00 105 $ 220,000.00 $ 6,000.00 4 12/31/2018 $ 224,640.00 108 $ 208,000.00 $ (12,000.00) 5 12/31/2019 $ 238,650.00 111 $ 215,000.00 $ 7,000.00 6 12/31/2020 $ 237,440.00 112 5 212,000.00 $ (3,000.00) Dollar Value Inventory Prices 2017= 214000 - $1 + 6000* 1.05 = $220300 Dollar Value Inventory Prices 2018= $208000 Dollar Value Inventory Prices 2019= $214000 * $1 + 1000* 1.05 = $215050 Dollar Value Inventory Prices 2020= $212000 LIFO reserve as of Dec 31 2017 = FIFO Inventory - LIFO Inventory = 231000 - 220300 = $10700 LIFO reserve as of Dec 31 2018 - Opening Balance as on 2018 + FIFO Inventory - LIFO Inventory = 10700 +224640 - 208000 = $27340 LIFO reserve as of Dec 31 2019 = Opening Balance as on 2019 + FIFO Inventory - LIFO Inventory = 27340 +238650 - 215000 = $50940 LIFO reserve as of Dec 31 2020 = Opening Balance as on 2020 + FIFO Inventory - LIFO Inventory = 50940 + 237440 - 212000 = $76380