ACC 304 Endless Education /uophelp.com ACC 304 Endless Education /uophelp.com | Page 136

22) Gross Corporation adopted the dollar-value LIFO method of
inventory valuation on December 31, 2013. Its inventory at that date
was $ 550,000 and the relevant price index was 100. Information
regarding inventory for subsequent years is as follows:
Date
Inventory at
Current Prices
Current
Price Index
December 31, 2014
$ 642,000
107 December 31, 2015
725,000
125
December 31, 2016
812,500
130
What is the cost of the ending inventory at December 31, 2014 under dollar-value LIFO?
23) Gross Corporation adopted the dollar-value LIFO method of
inventory valuation on December 31, 2013. Its inventory at that date
was $ 550,000 and the relevant price index was 100. Information
regarding inventory for subsequent years is as follows:
Date
Inventory at
Current Prices
Current
Price Index
December 31, 2014
$ 642,000
107 December 31, 2015
725,000
125
December 31, 2016
812,500
130
What is the cost of the ending inventory at December 31, 2014 under dollar-value LIFO?
24) Goods in transit which are shipped f. o. b. destination should be
24) Milford Company had 400 units of ― Tank ‖ in its inventory at a cost of $ 6 each. It purchased 600 more units of ― Tank ‖ at a cost of $ 9