Ending inventory assuming lifo in a periodic

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Ending inventory assuming LIFO in a periodic inventory system would be:$5,040.$5,055.$5,075.$5,135.
Beginning inventory in gallons 1,000 Gallons purchased (600 + 800 + 600)2,000 Gallons sold (400 + 700 + 500 + 700)(2,300) Ending inventory gallons700 Ending inventory is assumed to consist of 700 gallons from beginning inventory:700 x $7.20 = $5,040The ending inventory assuming FIFO is:
The primary reason for the popularity of LIFO is that it:
Assignment Print View12 of 1304/27/15 9:45 AM
HH Company uses LIFO. HH disclosed that if FIFO had been used, inventory at the end of 2013 would have been $20million lower than the difference between LIFO and FIFO at the end of 2012. Assuming HH has a 30% income tax rate:Its reported cost of goods for 2013 would have been $14 million less if it had used FIFO rather thanLIFO for its financial statements.Its reported cost of goods for 2013 would have been $20 million less if it had used FIFO rather thanLIFO for its financial statements.Its reported cost of goods sold for 2013 would have been $14 million higher if it had used FIFO ratherthan LIFO for its financial statements.Its reported cost of goods sold for 2013 would have been $20 million higher if it had used FIFO ratherthan LIFO for its financial statements.Ramen Inc. adopted dollar-value LIFO (DVL) as of January 1, 2013, when it had a cost inventory of $600,000. Itsinventory as of December 31, 2013, was $667,800 at year-end costs and the cost index was 1.06. What was DVLinventory on December 31, 2013?
DateEndingInventoryat Year- EndCostStep 1Ending InventoryAt Base YearCostStep 2InventoryLayersat BaseYearCostStep 3Inventory LayersConverted toAcquisition Year Cost1/1/13$600,000$600,000= $600,000$600,000$600,000 × 1.00 = $600,0001.0012/31/13$667,800$667,800= $630,000$600,000$600,000 × 1.00 = $600,0001.06$30,000$ 30,000 × 1.06 = $31,800Assignment Print View13 of 1304/27/15 9:45 AM

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