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Blossom Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,387,700. At December 31, 2020, Blossom's internal reports indicated that the FIFO inventory balance was $2,875,500 and for external reporting purposes the LIFO inventory balance was $1,390,400. (a) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2020? LIFO reserve at December 31,...
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Blossom Company uses the LIFO method for financial reporting
purposes but FIFO for internal reporting purposes. At January 1,
2020, the LIFO reserve has a credit balance of $1,387,700. At
December 31, 2020, Blossom’s internal reports indicated that the
FIFO inventory balance was $2,875,500 and for external reporting
purposes the LIFO inventory balance was $1,390,400.
What is the amount of the LIFO reserve and the LIFO effect
related to 2020?
LIFO reserve at December 31, 2020
$enter a dollar amount...
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1) Swifty Company uses the LIFO method for financial reporting
purposes but FIFO for internal reporting purposes. At January 1,
2020, the LIFO reserve has a credit balance of $1,415,000. At
December 31, 2020, Swifty’s internal reports indicated that the
FIFO inventory balance was $3,129,000 and for external reporting
purposes the LIFO inventory balance was $1,616,500. What is the
amount of the LIFO reserve and the LIFO effect related to 2020?
LIFO reserve at December 31, 2020 $enter a dollar...
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Blossom Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,387.700. At December 31, 2020, Blossom's internal reports indicated that the FIFO inventory balance was $2.875,500 and for external reporting purposes the LIFO inventory balance was $1,390,400. (a) What is the amount of the LIFO reserve and the LIFO effect related to 2020? LIFO reserve at December 31, 2020 $ LIFO effect...
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Problem 2: Anderson Company uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2016 was $120,000. The balance in the same account at the end of 2017 is $180,000. Anderson's Cost of Goods Sold account has a balance of $900,000 from sales transactions recorded during the year. What amount should Anderson report as Cost of Goods Sold in the 2017 income statement?
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Problem 2: m erson Company uses the FIFO method for internal reporting purposes and LIFO for external reports purposes. The balance in the LIFO Reserve account at the end of 2016 was $120,000. The balance in the same account at the end of 2017 is $180,000. Anderson's Cost of Goods Sold account has a balance of $900,000 from ales transactions recorded during the year. What amount should Anderson report as Cost of Goods Sold in the 017 income statement?
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Sarasota Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hotspot. It offers two bundles with the following terms. 1. Sarasota Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3 year Internet connection service contract is $523. The standalone selling price of the tablet is $248 (the cost to Sarasota Company is $178). Sarasota Company sells...
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On January 1, 2017, Sarasota Corporation granted 2,200 shares of
restricted $5 par value common stock to executives. The market
price (fair value) of the stock is $69 per share on the date of
grant. The period of benefit is 2 years.
Prepare Sarasota’s journal entries for January 1, 2017, and
December 31, 2017 and 2018. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the...
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Pharoah Company began operations on January 1, 2015, and uses
the average-cost method of pricing inventory. Management is
contemplating a change in inventory methods for 2018. The following
information is available for the years 2015–2017. Net Income
Computed Using Average-Cost Method FIFO Method LIFO Method 2015
$15,990 $19,120 $12,040 2016 17,880 20,820 14,130 2017 20,090
24,750 16,970 (a) Prepare the journal entry necessary to record a
change from the average cost method to the FIFO method in 2018.
(Credit account...
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Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report: Inventories ($ in millions): Total inventories LIFO reserve 2021 $ 679 (119) $ 560 2eze $658 (69) $589 The company's income statement reported cost of goods sold of $3,300 million for the fiscal year ended December 31, 2021 Required: 1. Spando adjusts the LIFO reserve at the...
Blossom Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,387,700. At December 31, 2020, Blossom's internal reports indicated that the FIFO inventory balance was $2,875,500 and for external reporting purposes the LIFO inventory balance was $1,390,400. (a) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2020? LIFO reserve at December 31,...
Blossom Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,387.700. At December 31, 2020, Blossom's internal reports indicated that the FIFO inventory balance was $2.875,500 and for external reporting purposes the LIFO inventory balance was $1,390,400. (a) What is the amount of the LIFO reserve and the LIFO effect related to 2020? LIFO reserve at December 31, 2020 $ LIFO effect...
Problem 2: Anderson Company uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2016 was $120,000. The balance in the same account at the end of 2017 is $180,000. Anderson's Cost of Goods Sold account has a balance of $900,000 from sales transactions recorded during the year. What amount should Anderson report as Cost of Goods Sold in the 2017 income statement?
Problem 2: m erson Company uses the FIFO method for internal reporting purposes and LIFO for external reports purposes. The balance in the LIFO Reserve account at the end of 2016 was $120,000. The balance in the same account at the end of 2017 is $180,000. Anderson's Cost of Goods Sold account has a balance of $900,000 from ales transactions recorded during the year. What amount should Anderson report as Cost of Goods Sold in the 017 income statement?
Sarasota Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hotspot. It offers two bundles with the following terms. 1. Sarasota Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3 year Internet connection service contract is $523. The standalone selling price of the tablet is $248 (the cost to Sarasota Company is $178). Sarasota Company sells...
On January 1, 2017, Sarasota Corporation granted 2,200 shares of
restricted $5 par value common stock to executives. The market
price (fair value) of the stock is $69 per share on the date of
grant. The period of benefit is 2 years.
Prepare Sarasota’s journal entries for January 1, 2017, and
December 31, 2017 and 2018. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the...
Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report: Inventories ($ in millions): Total inventories LIFO reserve 2021 $ 679 (119) $ 560 2eze $658 (69) $589 The company's income statement reported cost of goods sold of $3,300 million for the fiscal year ended December 31, 2021 Required: 1. Spando adjusts the LIFO reserve at the...