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Please help me with ending inventory using dollar-value LIFO.Thanks!
On January 1, 2021, Displays Incorporated had the following account balances: Accounts Cash Accounts receivable. Supplies Inventory Land Accounts payable Notes payable (7%, due next year) Common stock Retained earnings. Totals Year-end adjusting entries: From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account for $340,000. b. Sold inventory on account for $620,000. The cost of the inventory sold was $320,000. c. Received $576,000 from customers on accounts receivable. Requirement d. Paid freight on inventory received, $34,000. e. Paid $330,000 to inventory suppliers on accounts payable of $338,000. The difference reflects purchase discounts of $8,000. Debit $32,000 29,000 f. Paid rent for the current year, $52,000. The payment was recorded to Rent Expense. g. Paid salaries for the current year, $160,000. The payment was recorded to Salaries Expense. a. Supplies on hand at the end of the year are $9,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of December are $28,000. General Journal 35,000 65,000 237,000 LIFO reserve is: $ 398,000 General Ledger Credit Trial Balance Ending inventory using dollar-value LIFO: $ 38,000 30,000 196,000 134,000 $398,000 1. Inventory turnover ratio 2. Average days in inventory s Gres profit ratin Answer is complete but not entirely correct. Income Statement Using the information from the requirements above, complete the 'Analysis. (Calculate the ratios to the nearest 1 decimal place.) Analyze the following for Displays Incorporated: (a) Suppose Displays Incorporated decided to maintain its internal records using FIFO but to use LIFO for external reporting. Assuming the ending balance of inventory under LIFO would have been $100,000, calculate the LIFO reserve. Balance Sheet Analysis S (b) Assume Displays Incorporated $65,000 beginning balance of inventory comes from the base year with a cost index of 1.00. The cost index at the end of 2021 of 1.2. Calculate the amount the company would report for inventory using dollar-value LIFO. 11,000✓ $ 119.000 > (c) Indicate whether each of the amounts below would be higher or lower when reporting inventory using LIFO (or dollar-value LIFO) Instead of FIFO in periods of rising inventory costs and stable inventory quantities. Higher under LIFO Lower under LIFO ✓ Inwar under IIFO B