Base-Year Cost Current-Year Cost Item Quantities in Ending Inventories Unit Cost
ID: 2772188 • Letter: B
Question
Base-Year Cost
Current-Year Cost
Item
Quantities
in Ending
Inventories
Unit Cost
Amount
Unit Cost
Amount
(a1)
2013
2014
2015
1.12
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(a2)
2013
2014
2015
Presented below is information related to Kaisson Corporation for the last 3 years.Base-Year Cost
Current-Year Cost
Item
Quantities
in Ending
Inventories
Unit Cost
Amount
Unit Cost
Amount
December 31, 2013 A 11,340 $2.40 $27,216 $2.64 $29,938 B 8,340 3.59 29,941 4.25 35,445 C 6,340 5.99 37,977 6.47 41,020 Totals $95,134 $106,403 December 31, 2014 A 11,340 $2.40 $27,216 $3.11 $35,267 B 9,140 3.59 32,813 4.49 41,039 C 8,340 5.99 49,957 7.67 63,968 Totals $109,986 $140,274 December 31, 2015 A 10,340 $2.40 $24,816 $3.23 $33,398 B 10,340 3.59 37,121 4.79 49,529 C 8,340 5.99 49,957 7.43 61,966 Totals $111,894 $144,893Explanation / Answer
2013 Cost as per Price at start of year Cost as per current Cost Diffence Beginning inventory 45,300.00 50736 5,436 Closing Inventory Cost 95,134.00 106,403.00 11,269.00 Closing inventory as per LIFO(106,403-5,436) 100967 As per LIFO latest stock is sold first 2014 Cost as per Price at start of year Cost as per current Cost Difference Beginning inventory 96,931.01 110,778.30 13,847.29 Closing Inventory Cost 122,947.13 140,511.00 17,563.88 Closing inventory as per LIFO(140,511-13,847.29) 126,663.71 As per LIFO latest stock is sold first 2015 Cost as per Price at start of year Cost as per current Cost Diffence Beginning inventory 126,663.71 128,642.83 1,979.12 Closing Inventory Cost 143,522.46 145,765.00 2,242.54 Closing inventory as per LIFO(145,765-1,979.12 143,785.88 As per LIFO latest stock is sold first
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