On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external...
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On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $560,000. The following information is available from Benn's records for the years 2020 through 2023. Year Ending Inventory on a FIFO Basis Price Index 2020 $660,000 1.1 2021 696,000 1.2 2022 806,000 1.3 2023 800,000 1.2 Required Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. Dollar-value LIFO ending inventory, 2020 $ Dollar-value LIFO ending inventory, 2021 Dollar-value LIFO ending inventory, 2022 $ Dollar-value LIFO ending inventory, 2023 $ On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $560,000. The following information is available from Benn's records for the years 2020 through 2023. Year Ending Inventory on a FIFO Basis Price Index 2020 $660,000 1.1 2021 696,000 1.2 2022 806,000 1.3 2023 800,000 1.2 Required Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. Dollar-value LIFO ending inventory, 2020 $ Dollar-value LIFO ending inventory, 2021 Dollar-value LIFO ending inventory, 2022 $ Dollar-value LIFO ending inventory, 2023 $
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Calculate following Base year cost Dollar value LIFO method Dollar value L... View the full answer
Related Book For
Conceptual Physical Science
ISBN: 978-0134060491
6th edition
Authors: Paul G. Hewitt, John A. Suchocki, Leslie A. Hewitt
Posted Date:
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