Gross Corporation 2016. Its s inventory adopted the dollar-value LIFO method of
ID: 2565486 • Letter: G
Question
Gross Corporation 2016. Its s inventory adopted the dollar-value LIFO method of inventory valuation on December 31 regarding inventory foat date was $1,000,000 and the relevant price index was 100. Information vntory for subsequent years is as follows Current Price Index Inventory at Date Current Prices December 31, 20171,284,000 December 31, 2018 December 31, 2019 1450,000 1,625,500 107 125 130 7. Wh at is the cost of the ending inventory at December 31, 2017 under dollar-value LIFo? a. $1,200,000. b. $1,284,000. c. $1,207,000. d. $1,214,000. The following information was available from the inventory records of Rich Company for January Units Unit Cost Total Cost $9.77 Balance at January 1 9,000 $87,930 Purchases: January 6 January 26 6,000 8,100 10.30 10.71 61,800 86,751 Sales: January 7 January 31 (7,500) (11.100) Balance at January 31 8. Assuming that Rich does not maintain perpetual inventory records, what should be the cost of goods sold, using the weighted-average inventory method, rounded to the nearest dollar? a. $47,270. b. $46,067 c. $190,413. d. $186,000. Niles Co. has the following data related to an item of inventory Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 400 units $2.10 1,400units $2.20 280 units @ $2.25 620 units The value assigned to ending inventory if Niles uses LIFO is a. $1,160. b. $1,104. c. $1,092 d. $1,324 9.Explanation / Answer
7...
1284000 / 1.07 = 1200000
1000000 + { ( 1200000 - 1000000 ) * 1.07 } = 1214000
so answer is D $1214000
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