Giddens company adopted the dollar value lifo

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1.Giddens Company adopted the dollar-value LIFO inventory method on December 31, Year 1. On December 31, Year 1, Giddens' inventory was in a single inventory pool and was valued at $400,000 under the dollar-value LIFO method. Inventory data for Year 2 are as follows:12/31 Year 2 inventory at year-end prices$550,000Price index at 12/31 Year 2 (base year Year 1)110Giddens' inventory at dollar-value LIFO at December 31, Year 2 is:A. $440,000 B.$510,000C.$500,000 D.$550,000
2.The Loyd Company had 150 units of product Omega on hand at December 1, Year 1 costing $400 each. Purchases of product Omega during December were as follows:DateUnitsUnit CostDecember 7100$440December 14200$460December 29300$500Sales during December were 500 units on December 30. Assume a perpetual inventory system isused. The cost of inventory at December 31, Year 1 under the LIFO method would be:
3.Simmons, Inc. uses lower-of-cost-or-market to value its inventory. Data regarding an item in itsinventory is as follows:
Cost$26Replacement cost20Selling price30Cost of completion and disposal2Normal profit margin7What is the lower-of-cost-or-market for this item?
4.Simmons, Inc. uses lower-of-cost-or-net-realizable-value to value its inventory and reports under IFRS. Data regarding an item in its inventory is as follows:Cost$26Replacement cost20Selling price30Cost of completion and disposal2Normal profit margin7What is the lower-of-cost-or-net-realizable-value for this item?

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