ACCT 310 Quiz 2 Questions

ACCT 310 Quiz 2 Questions
ACCT 310 Quiz 2 Questions

Problem 1 Houston Rockets Company adopted the dollar-value LIFO inventory method on January 1, 2013. In applying the LIFO method, ABC uses internal indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption 9f LIFO: At Current Cost Year Cost Index
01/01/13 $ 300,000 1.00
12/31/13 $ 345,600 1.06
12/31/14 $ 405,000 1.10

Ending Inventory Under the dollar-value LIFO method, the inventory at December 31, 2014, should be? You must show your work to receive credit.

Problem #2 Golden State Warriors Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2015:
Cost Retail
Inventory, January 1 $ 63,000 $ 88,000
Purchases 332,360 476,000
Net markups 10,000
Net markdowns 16,700
Net sales 392,000

Required: Estimate the ending inventory as of December 31, 2015, using the conventional retail method. You must show your work to receive credit.

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