Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. vaughn company uses...

Vaughn Company uses...

70.2K

Verified Solution

Question

Accounting

Vaughn Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2017, the LIFO reserve has a credit balance of $1,103,100. At December 31, 2017, Vaughns internal reports indicated that the FIFO inventory balance was $2,661,200 and for external reporting purposes the LIFO inventory balance was $1,461,800.
What is the amount of the LIFO reserve and the LIFO effect related to 2017?
LIFO reserve at December 31, 2017 $

LIFO effect for 2017 $

SHOW LIST OF ACCOUNTS

LINK TO TEXT
What is the journal entry needed to record the LIFO effect at December 31, 2017? (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31, 2017

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

foundation give me some information about pile resting on rock and pile in general

Civil Engineering
Q

List six aids you might use to support a sales presentation.

Operations Management
Q

QUESTION 3 Why does a PCR reaction require a primer Would you expect this primer...

Biology
Q

Given a beat frequency 8 Hz and a tuning fork of 256 Hz what is...

Physics
Q

You would like to have 3 500 in 4 years for a special vacation following...

Basic Math
Q

a 2 points 1 each Use truth tables to determine which of the following assertions...

Statistics
Q

6-34 Capacity and pricing decision Hudson Hydronics, Inc., is a corporation ...

Accounting
Q

The Bach Company provides the following standard cost data per unit of product: Direct material...

Accounting
Q

Nelson has the choice between investing in a city of Fruithurst bond at 5.1 percent...

Accounting
Q

the balance on accounts receivable was $18,400 on april 1st. during april collections on account...

Accounting
Q

Prior to preparing the organization's financial statements, the accountant prepares a. a post-closing trial balance....

Accounting
Q

Joe has purchased a large HD super-duper 100 inch TV from JoeMart, a high end...

Accounting