Question: pls help in accounting!! Jacob Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022.

pls help in accounting!! pls help in accounting!! Jacob Inc. accounts for inventory using the dollar-value

Jacob Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022. Ending Inventory Year at FIFO Price Index 2020 $20,000 1.00 2021 32,000 1.10 2022 40,000 1.13 What is its ending inventory under the dollar-value LIFO method for 2020? (Round your answers to the nearest whole dollar, do not use dollar signs, decimals or commas in your answer. A/ What is its ending inventory under the dollar-value LIFO method for 2021? (Round your answers to the nearest whole dollar, do not use dollar signs, commas or decimals in your answer.) A/ What is its ending inventory under the dollar-value LIFO method for 2022? (Round your answers to the nearest whole dollar, do not use dollar signs, commas or decimals in your answer.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

k 9 Saved Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Direct materials (clay) Direct labor Variable manufacturing overhead (based...

Wild Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022. Year Ending Inventory Price Index at FIFO 2020 $10,000...

ABC Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022. Price Index Year 2020 2021 2022 Ending Inventory at FIFO...

Wild Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for the years 2020 through 2022. What is ending inventory for year 2022 using the...

Inverted Catenaries Inc. accounts for inventory using the dollar-value LIFO method. The following information is available for Year 5 through Year 7 (listed chronologically). Year Ending Inventory at...

Wild Inc. accounts for inventory using the dollar - value LIFO method. The following information is available for years 1 through 3 . What is ending inventory for year 3 using the dollar - value LIFO...

Wild Inc. accounts for inventory using the dollar - value LIFO method. The following information is available for years 1 through 3 . YearEnding InventoryPrice Indexat FIFO 1 $ 1 4 , 0 0 0 1 . 0 0 2...

6. Prince Paint, Inc. manufactures and distributes house paints. Prince Paint uses the dollar-value LIFO method. Information for 2018, 2019, and 2020 is presented in the following table. 1(Click the...

Looking for the answers and explanations to the 20 questions attached. ACT311 Quiz#3 Fall 2014 1. In periods of rising prices, which method results in the lowest taxable income (Hint: use the four...

1. In periods of rising prices, which method results in the lowest taxable income (Hint: use the four illustrations in the handout)? a. FIFO b. LIFO c. Weighted Average 2. The Greene Co. started...

Jacobs Inc. accounts for inventory using the Dollar Value LIFO method. The following information is available for the years 2020 through 2023. Ending Inventory Year at FIFO Price Index 2020 $20,000...

The data listed below represent the number of people who visit the zoo on an yearly pass, along with the number of visits per year. Zoo Visits Number of Pass Holders 2 3 6. 13 12 10 11 Create the...

What is a trade discount? Why do some firms offer trade discounts to their customers?

Question 7 of 2 0 . 1 5 , 1 = View Policies Current Attempt in Progress The approach adopted by the accounting profession to measure a firm's pension obligation is the: accumulated benefit...

Hypothesis Testing of a Single Mean LCTCS Tuition: Louisiana Community And Technical College System consist of 2 community colleges across the state. I think RPCC's tuition and fees is lower than the...

2. Observe a press conference on television. Who is being interviewed? Who is conducting the interview? What is the goal of the press conference? How is control distributed? List five questions that...

5. Create a questionnaire that you will use the next time you visit a physician. Focus your questions on what is already known about your condition and what you want to know about possible treatment....

4. Devise an interview strategy from the interviewers point of view