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1. Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory...

1. Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29, 2014, of $46,360,000 under the LIFO inventory method. In the notes to its financial statements, assume Winnebago reported a LIFO reserve of $30,925,000 at August 29, 2014.

What would Winnebago Industries’ ending inventory have been if it had used FIFO?

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LIFO reserve is the difference between the inventory cost under FIFO and Inventory cost under LIFO. LIFO reserve FIFO inventory cost - LIFO inventory cost From the above formula, following formula can be derived: FIFO inventory cost LIFO inventory cost+ LIFO reserve $46,360,000$30,925,000 $77,285,000 Ending inventory cost under FIFO method- $77,285,000

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