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Solution Library
Convert Inventory From FIFO To Dollar-Value LIFO
Question
Eastshore Corporation sells three main products regularly. The products form one pool for inventor/ purposes, The company used FIFO throughout 2007 for all purposes. After 2007, FIFO continued to be used for internal management and accounting purposes; however, at the beginning of 2008, dollar-value LIFO was adopted For income tax and external reporting purposes. The following data (for the three products combined) were taken from the records for the three years following the adoption of LIFO:
|
FIFO Basis Accounts |
|||
|
2007 |
Units |
Cost |
Total |
|
Ending inventory |
2,000 |
$3.00 |
$6,000 |
|
2008: |
|
|
|
|
Purchases |
7,000 |
$3.30 |
$23,100 |
|
Sales |
6,000 |
|
|
|
Ending inventory |
3,000 |
S3.30 |
$ 9,900 |
|
2009: |
|
|
|
|
Purchases |
10,000 |
$3.60 |
$36,000 |
|
Sales |
7,000 |
|
|
|
Ending inventory |
6,000 |
$3.60 |
$21,600 |
|
2010 |
|
|
|
|
Purchases |
5,000 |
$3.75 |
$18,750 |
|
Sales |
7,000 |
|
|
|
Ending inventory |
4,000 |
$3.75 |
$15,000 |
Required:
Convert the ending inventory at FIFO to a dollar-value LIFO basis for 2008, 2009, and 2010.
Summary
The question belongs to Accounting and it discusses about converting ending inventory from FIFO into dollar-value LIFO method.
Total Word Count 107
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