I ideally need this Excel/spreadsheet format. Please and thanks! E9. Dollar-Valu
ID: 2333605 • Letter: I
Question
I ideally need this Excel/spreadsheet format. Please and thanks!
E9. Dollar-Value LIFO, No Liquidation. Joe the Grocer Markets, Inc. (JTGM) adopted the dollar-value LIFO inventory method using 2018 as the base year. JTGM uses FIFO for its internal books. Information related to its inventory is presented in the following table: Ending Inventory at End-of-Year Prices per Internal Books Year 2018 2019 2020 $ 870,000 980,000 1,050,000 Cumulative Price Index 100 102 103 Required » a. b. c. Compute JTGM's ending inventory under the dollar-value LIFO method for the years 2018 through 2020 Prepare the journal entries for 2019 and 2020 to adjust inventory to the dollar-value LIFO basis. Determine the ending balance of the LIFO reserve for 2019 and 2020Explanation / Answer
A. JTGM's ending inventory LIFO method for the year 2018 through 2020.
B. Journal entries for 2019 and 2020 to the doller value LIFO basis.
Inventory
Accounts payable
87,000,000
Inventory
Accounts payable
99,960,000
Inventory
Accounts payable
108,150,000
C. LIFO reserve for 2019 and 2020.
LIFO RESERVE= LIFO INVENTORY - FIFO INVENTORY
2019) 99,960,000= 980,000-870,000
= 110,000
2020) 108,150,000 = 1,050,000 - 980,000
= 70,000
Year Particulers Amount 2018 870000 x 100 87,000,000 2019 980000 x 102 99,960,000 2020 1050000 x 103 108,150,000 Total 295,110,000