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December 31, 2015
December 31, 2016
725,000
812,500
125
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
each. Milford then sold 700 units at a selling price of $15 each. The
LIFO liquidation overstated normal gross profit by
26) 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
each. Milford then sold 700 units at a selling price of $15 each. The
LIFO liquidation overstated normal gross profit by