Homework Answers
COGS (FIFO) = COGS - Changes in LIFO Reserve
Changes in LIFO Reserve = $180,000 - $120,000 = $60,000
COGS (FIFO) = $900,000 - $60,000 = $840,000
Cost of Goods Sold to be reported in Income Statement in 2017 = $840,000
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Problem 2: Anderson Company uses the FIFO method for internal reporting purposes and LIFO for external...
Problem 2: m erson Company uses the FIFO method for internal reporting purposes and LIFO for...
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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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...
Sarasota Company uses the LIFO method for financial reporting
purposes but FIFO for internal reporting purposes. At January 1,
2017, the LIFO reserve has a credit balance of $1,210,200. At
December 31, 2017, Sarasota’s internal reports indicated that the
FIFO inventory balance was $2,829,800 and for external reporting
purposes the LIFO inventory balance was $1,528,200.
What is the amount of the LIFO reserve and the LIFO effect
related to 2017?
LIFO reserve at December 31, 2017
$
LIFO effect for...
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 $1,390,400. (a) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2020? LIFO reserve at December 31,...
Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report: Inventories ($ 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 $3,300 million for the fiscal year ended December 31, 2021 Required: 1. Spando adjusts the LIFO reserve at the...
AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following disclosure note was included in a recent quarterly report: 5. Inventories (in part) Inventories are comprised of the following ($ in millions): Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) September 30, 2017 $14,628 (1,710) $ 12,918 September 30, 2016 $ 29, 256 (1,918) $ 27,338 The company's income statements reported cost of...
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 $ 667 (111) $ 556 2020 $646 (65) $581 The company's income statement reported cost of goods sold of $3,260 million for the fiscal year ended December 31, 2021 Required: 1. Spando adjusts the LIFO reserve at the...
Excercise 9-12 Converting LIFO to FIFO (LO9-5) KW Steel Corp. uses the LIFO method of inventory valuation. Waretown Steel, KW's major competitor, instead uses the FIFO method. The following are excerpts from each company's 2017 financial statements: Waretown Steel 2017 2016 708.2 $ 688.6 $ $ ($ in millions) Balance sheet inventories LIFO reserve Sales Cost of Goods sold KW Steel Corp. 2017 2016 797.6 $ 692.7 378.0 334.9 4,284.8 4,029.7 3,427.8 3,226.5 3,584.2 2,724.0 3,355.8 2,617.5 Required: 1. Compute...
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