e8-25 - E8-25 Year 2004 2005 Inventory at End-of- Year...

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Unformatted text preview: E8-25 Year 2004 2005 Inventory at End-of- Year Prices $80,000 115,500 Index 1.00 1.05 Inventory at BaseYear Prices 80,000 110,000 Base Layers $80,000 80,000 30,000 80,000 10,000 80,000 10,000 4,000 80,000 10,000 4,000 16,000 80,000 10,000 4,000 16,000 12,000 2006 108,000 -17,500 90,500 Index 1.00 1.00 1.05 1.00 1.05 1.00 1.05 1.30 1.00 1.05 1.30 1.40 1.00 1.05 1.30 1.40 1.45 2007 122200 -26500 95,700 $ Value LIFO 70,000 80,000 31,500 80,000 10,500 80,000 10,500 5,200 80,000 10,500 5,200 22,400 80,000 10,500 5,200 22,400 17,400 2008 154,000 -35,900 118,100 Ending Inventory at LIFO Cost $70,000 111,500 2006 108,000 1.20 90,000 90,500 2007 122,200 1.30 94,000 95,700 2008 154,000 1.40 110,000 118,100 2009 176,900 1.45 122,000 135,500 2009 176,900 -41,400 135,500 Balance Sheet Inventory LIFO Reserve 2004 $80,000 $$80,000 2005 115,500 -4,000 111,500 Journal Entry COGS LIFO Reserve 4,000 -4,000 17500 -17500 26500 -26500 35,900 -35,900 41400 -41400 LIFO Reserve $- 4,000 17,500 26,500 35,900 41,400 ...
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This note was uploaded on 01/12/2011 for the course ACCT 423 taught by Professor Rob during the Spring '10 term at DeVry Long Beach.

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e8-25 - E8-25 Year 2004 2005 Inventory at End-of- Year...

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