Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 12. on january 1, 2018, sam inc. adopted the dolla

12. On January 1, 2018, Sam Inc. adopted the dollar-value LIFO method. The inventory cost...

70.2K

Verified Solution

Question

Accounting

image
12. On January 1, 2018, Sam Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $101,900. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below: Year-end 2018 Ending inventory at year-end costs $131,985 151,360 161,580 2019 Cost Index 1.05 1.10 1.20 2020 In determining the inventory balance should Sam report in its 12/31/2019 balance sheet: A. An additional layer of $25,090 is added to the 1/1/2019 balance B. An additional layer of $24,090 is added to the 1/1/2019 balance. C. An additional layer of $13,090 is added to the 1/1/2019 balance. D. None of these answer choices are correct

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Based on the book, Harry Potter and the Sorcerer's Stone, describe what kind of place is...

Psychology
Q

What is the braking force? Bear in mind Newton’s laws of motion ;) deacleration is 8.23...

Mechanical Engineering
Q

Data Science, I will give thumb up, thank you What is one critical drawback to the...

Basic Math
Q

Financial Accounting 17th edition chapter 5 5PSA step by step solution Next Job, Inc., provides employment consulting...

Accounting
Q

In bacteria (prokaryotic cells), the coding region/reading frame portion of the gene...serves as the template...

Biology
Q

Evaluate the iterated integral 6 x 4y dx d

Calculus
Q

Question 52 of 60 Under the Deceptive Trade Practices Act DTPA in order for treble...

Algebra
Q

Rita is doing research for the city newspaper on the eight topics listed below She...

Algebra
Q

Required 3 & 4 for Job X, Y, and Z. Heritage Company uses a...

Accounting
Q

Algebraic Equation. (12p2r2 + 20pr2 - 4pr) /2pr =? O a. 6pr + 10r -...

Accounting
Q

Long-term compensation plans are used as motivation to key employees by giving them an ownership...

Accounting
Q

help please

Accounting