ACT3391HomeworkFall2009Solutions27

ACT3391HomeworkFall2009Solutions27 - $3,360,315 12-31-03...

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HOMEWORK - Fall 2009 27. (4 points) Presented below is information related to T Company. EI @ recent costs Index EI @ base costs Buildup (liquidation) in base $ 12-31-01 $3,349,500 100.0 12-31-02 $3,460,800 103.0 $3,360,000 $10,500 12-31-03 $3,484,000 104.0 $3,350,000 $(10,000) 12-31-04 $3,490,300 104.5 $3,340,000 $(10,000) 12-31-05 $3,582,800 106.0 $3,380,000 $40,000 12-31-06 $3,587,000 105.5 $3,400,000 $20,000 Compute the ending inventory for T for 12-31-02 through 12-31-06 using the dollar-value LIFO method. 12-31-02 $3,349,500 x 1.000 = $3,349,500 $ 10,500 x 1.030 = 10,815
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Unformatted text preview: $3,360,315 12-31-03 $3,349,500 x 1.000 = $3,349,500 $ 500 x 1.030 = 515 $3,350,015 12-31-04 $3,340,000 x 1.000 = $3,340,000 12-31-03 $3,340,000 x 1.000 = $3,340,000 $ 40,000 x 1.060 = 42,400 $3,382,400 12-31-03 $3,340,000 x 1.000 = $3,340,000 $ 40,000 x 1.060 = 42,400 $ 20,000 x 1.055 = 21,100 $3,403,500 Assume that net purchases during 2006 totaled $54,650,000. Compute COGS for the year ended 12-31-06. BI $ 3,382,400 + Purchases $54,650,000 COGAS $58,032,400- EI $ 3,403,500 COGS $54,628,900 1...
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