Inventory Date At base cost Year cost At current Year cost At dollar Value LIFO 1/1/2015$60,000 $ 60,000
Question
InventoryDateAt base costYear
cost
At current
Year cost
At dollar
Value LIFO
1/1/2015
$60,000
$ 60,000
$60,000
2015 layer
7,500
21,000
9,000
12/31/2015
67,500
81,000
69,000
2016 layer
22,500
39,000
?
12/31/2016
$90,000
$120,000
?
Required: What is Dock’s dollar value LIFO inventory at December 31, 2016?
- 2. Crunch Company uses the conventional retail inventory method to account for inventory. The following information related to 2016 operations:
| Average | ||
| Cost | Retail | |
| Beginning inventory and purchases | $450,000 | $690,000 |
| Net markups | 30,000 | |
| Net markdowns | 45,000 | |
| Sales | 585,000 |
Required: What amount should be reported as cost of sales for 2016?
- 3. Quince Inc. uses the periodic inventory costing system. The Quince ending merchandise inventory official count at December 31, 2017 totaled $120,000. However, the balance in the merchandise inventory general ledger account at December 31, 2017 was $125,000. What was the amount of the over-or-understatement for cost of goods sold and gross profit for 2017?
Please show all work
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