subject
Business, 24.05.2021 14:00 brian2913

On January 1, 2020, Bonanza Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Bonanza continued to use the FIFO inventory method for internal accounting and management purposes. In applying the LIFO method, Bonanza uses internal conversion price indexes and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for inventory pool no. 1, which comprises products A and B, for the 2 years following the adoption of LIFO. FIFO Basis per Records
Units Unit Cost Total Cost
Inventory, 1/1/17
Product A 10,000 $30 $300,000
Product B 9,000 25 225,000
$525,000
Inventory, 12/31/17
Product A 17,000 36 $612,000
Product B 9,000 26 234,000
$846,000
Inventory, 12/31/18
Product A 13,000 40 $520,000
Product B 10,000 32 320,000
$840,000
Required:
a. Prepare a schedule to compute the internal conversion price indexes for 2019 and 2020.
b. Prepare a schedule to compute the inventory amounts at December 31, 2019 and 2020, using the dollar-value LIFO inventory method.

ansver
Answers: 2

Another question on Business

question
Business, 21.06.2019 15:20
The beginning inventory is expected to be 2,000 cases. expected sales are 10,000 cases, and the company wishes to begin the next period with an inventory of 1,000 cases. the number of cases the company must purchase during the month is multiple choice 9,000 cases. 10,000 cases. 11,000 cases. 13,000 cases.
Answers: 1
question
Business, 22.06.2019 00:50
Suppose that: 1. malaysia requires 1 hour of labor to produce 1 pound of rice and 2 hours of labor to produce 1 pencil; 2. indonesia requires 2 hours of labor to produce 1 pound of rice and 4 hours of labor to produce 1 pencil; 3. each country has 10,000 hours of labor to allocate between the production of rice and pencils; and 4. in autarky, malaysia consumes 5,000 pounds of rice and 2,500 pencils. which country has an absolute advantage in rice production? in pencil production? which country has a comparative advantage in rice production? in pencil production? will trade between the two countries be mutually beneficial?
Answers: 1
question
Business, 22.06.2019 12:00
Simon, aged 10, is invited to a classmate's birthday party at an exclusive ski resort on march 15th. the day will include 4 hours of snowboarding, lunch and birthday cake. simon's mother checks a box on the invitation that says "yes, we will attend" and returns it to the classmate's address. unfortunately, they later don't attend the party when simon comes down with the flu. on march 17th, simon's mother receives an invoice in the mail from simon's classmate for $35 that says, "party no-show fee." can simon's classmate collect the fee?
Answers: 3
question
Business, 22.06.2019 12:40
Which of the following tasks would be a line cook's main responsibility? oa. frying french fries ob. chopping onions oc. taking inventory of stocked dry goods od. paying invoices
Answers: 2
You know the right answer?
On January 1, 2020, Bonanza Wholesalers Inc. adopted the dollar-value LIFO inventory method for inco...
Questions
question
Mathematics, 13.11.2021 05:10
question
Mathematics, 13.11.2021 05:10
question
Computers and Technology, 13.11.2021 05:10
question
Chemistry, 13.11.2021 05:10
question
Mathematics, 13.11.2021 05:10
question
Mathematics, 13.11.2021 05:10
Questions on the website: 13722367