The following information relates to the Jimmy Johnson Company. Date Ending Inve

Question

The following information relates to the Jimmy Johnson Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2010 $ 61,900 100 December 31, 2011 129,801 147 December 31, 2012 139,482 162 December 31, 2013 159,264 168 December 31, 2014 147,875 175 Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2010 through 2014. Ending Inventory 2010 $Entry field with correct answer 2011 $Entry field with incorrect answer 2012 $Entry field with incorrect answer 2013 $Entry field with incorrect answer 2014 $Entry field with incorrect answer

Explanation / Answer

in year 2012 there has been increase so no growth of dollar value to be considered for calculation.

year inventory at
end of year price
index inventory
at base
year change from
prior year 2010 61900 100% 61900 0 2011 129801 147% 88300 41501 2012 139482 162% 86100 -2200 2013 159264 168% 94800 8700 2014 147875 175% 84500 -10300 change percentage value December 31 2010 61900 1 61900 12/31/2011 61900 1 61900 41501 0.47 19505 value 81405 12/31/2012 61900 1 61900 39301 0.47 18471 value 80371 12/31/2013 69100 1 69100 39301 0.47 18471 8700 0.62 5394 23865 12/31/2014 69100 1 69100 37701 0.47 17719 value 86819

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.