Dollar-Value LIFO and Inventory Pools Webster Company adopted dollar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Webster's beginning inventory consisted of the following: Type Quantity Cost per Unit Total Cost X 30,000 $4.25 $127,500 Y 10,000 3.50 35,000 Z 25,000 2.00 50,000 65,000 $212,500 During 2019, Webster had the following purchases and sales: Type Quantity Purchased Cost Per Unit Quantity Sold Selling Price per Unit X 110,000 $4.75 90,000 $10.00 Y 100,000 3.75 85,000 7.50 Z 75,000 2.10 70,000 5.00 285,000 245,000 Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to four decimal places. $
Dollar-Value LIFO and Inventory Pools Webster Company adopted dollar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Webster's beginning inventory consisted of the following: Type Quantity Cost per Unit Total Cost X 30,000 $4.25 $127,500 Y 10,000 3.50 35,000 Z 25,000 2.00 50,000 65,000 $212,500 During 2019, Webster had the following purchases and sales: Type Quantity Purchased Cost Per Unit Quantity Sold Selling Price per Unit X 110,000 $4.75 90,000 $10.00 Y 100,000 3.75 85,000 7.50 Z 75,000 2.10 70,000 5.00 285,000 245,000 Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to four decimal places. $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...
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Dollar-Value LIFO and Inventory Pools
Webster Company adopted dollar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Webster's beginning inventory consisted of the following:
| Type | Quantity | Cost per Unit |
Total Cost |
| X | 30,000 | $4.25 | $127,500 |
| Y | 10,000 | 3.50 | 35,000 |
| Z | 25,000 | 2.00 | 50,000 |
| 65,000 | $212,500 |
During 2019, Webster had the following purchases and sales:
| Type | Quantity Purchased |
Cost Per Unit |
Quantity Sold |
Selling Price per Unit |
| X | 110,000 | $4.75 | 90,000 | $10.00 |
| Y | 100,000 | 3.75 | 85,000 | 7.50 |
| Z | 75,000 | 2.10 | 70,000 | 5.00 |
| 285,000 | 245,000 |
Required:
1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to four decimal places.
$
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