Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at...
Winnebago Industries, Inc. is a leading
manufacturer of motor homes. Suppose Winnebago reported ending
inventory at August 29, 2022, of $47,485,000 under the LIFO
inventory method. In the notes to its financial statements, assume
Winnebago reported a LIFO reserve of $30,530,000 at August 29,
2022.
What would Winnebago Industries' ending inventory have been if it
had used FIFO?
| 2022 ending inventory assuming FIFO | $enter a dollar amount
|
Homework Answers
|
2022 ending inventory assuming Fifo = Ending inventory using lifo + lifo reserve = 47,485,000 + 30,530,000 = 78,015,000 |
||
Add Answer to:
Winnebago Industries, Inc. is a leading
manufacturer of motor homes. Suppose Winnebago reported ending
inventory at...
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?
Inventory Costing Methods Morrison Inc. reported the following information for the month of August: Inventory, August...
Inventory Costing Methods Morrison Inc. reported the following information for the month of August: Inventory, August 1 61 units @ $26 Purchase: August 7 56 units @ $27 August 18 65 units @ $29 August 27 43 units @ $30 During August, Morrison sold 143 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1....
1) Presented below is information related to Skysong Company. Date Ending Inventory (End-of-Year Prices) Price Index...
1) Presented below is information related to Skysong Company. Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2017 $ 87,400 100 December 31, 2018 152,755 137 December 31, 2019 148,824 156 December 31, 2020 168,493 169 December 31, 2021 200,018 182 December 31, 2022 238,140 189 Compute the ending inventory for Skysong Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $enter a dollar amount 87,400 2018 $enter a dollar amount 2019 $enter a dollar...
Carrington Inc. reported the following information for the month of August: Inventory, August 1 55 units...
Carrington Inc. reported the following information for the month of August: Inventory, August 1 55 units @ $26 Purchase: August 7 49 units $27 66 units @ $29 August 18 August 27 41 units $31 During August, Carrington sold 134 units. The company uses a periodic inventory system. Required: What is the value of ending Inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 134 units sold,...
Use the following information for Vaughn Manufacturing, Cheyenne Corp., Flounder Industries, and Evans Services to answer...
Use the following information for Vaughn Manufacturing, Cheyenne Corp., Flounder Industries, and Evans Services to answer the question “Using LIFO, what is Vaughn's inventory turnover for 2022 (to the closest decimal place)?” (amounts in $ millions) Vaughn Cheyenne Flounder Evans Inventory Method for 2021 & 2022 LIFO FIFO LIFO FIFO 2021 Ending inventory assuming LIFO $310 0 $221 0 2021 Ending inventory assuming FIFO $439 $531 $286 $665 2022 Ending inventory assuming LIFO $416 0 $181 0 2022 Ending...
Chapter 5 eBook Calculator Inventory Costing Methods VanderMeer Inc. reported the following information for the month...
Chapter 5 eBook Calculator Inventory Costing Methods VanderMeer Inc. reported the following information for the month of August: Inventory, August 1 56 units $20 Purchase: August 7 51 units $21 August 18 68 units $23 August 27 48 units $25 During August, VanderMeer sold 139 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions, Assumption Cost of Goods Sold 1. Of the...
Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of October: Inventory, October...
Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of October: Inventory, October 1 Purchase: October7 October 18 October 27 During October, Oppenheimer sold 132 units. The company uses a periodic inventory system Required What is the value of ending inventory and cost of goods sold for October under the following assumptions Assumption 1. Of the 132 units sold, 46 cost $26, 38 cost $28, 44 cost $29, and 4 cost $31 2. FIFO 3. LIFO 4....
Inventory Costing Methods Carrington Inc. reported the following information for the month of February: Inventory, February...
Inventory Costing Methods Carrington Inc. reported the following information for the month of February: Inventory, February 1 63 units @ $26 Purchase: February 7 55 units @ $27 February 18 60 units @ $29 February 27 45 units @ $31 During February, Carrington sold 142 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for February under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1....
Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October...
Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 70 units @ $26 Purchase: October 7 57 units @ $27 October 18 63 units @ $28 October 27 48 units @ $29 During October, VanderMeer sold 151 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1....
E9. Dollar-Value LIFO, No Liquidation. Joe the Grocer Markets, Inc. (JTGM) adopted the dollar-value LIFO inventory...
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 Cumulative Price Index Year 2018 $ 870,000 100 2019 980,000 102 2020 1,050,000 103 Required >> a. Compute JTGM's ending inventory under the dollar-value LIFO method for the years 2018 through...
Carrington Inc. reported the following information for the month of August: Inventory, August 1 55 units @ $26 Purchase: August 7 49 units $27 66 units @ $29 August 18 August 27 41 units $31 During August, Carrington sold 134 units. The company uses a periodic inventory system. Required: What is the value of ending Inventory and cost of goods sold for August under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 134 units sold,...
Chapter 5 eBook Calculator Inventory Costing Methods VanderMeer Inc. reported the following information for the month of August: Inventory, August 1 56 units $20 Purchase: August 7 51 units $21 August 18 68 units $23 August 27 48 units $25 During August, VanderMeer sold 139 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions, Assumption Cost of Goods Sold 1. Of the...
Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of October: Inventory, October 1 Purchase: October7 October 18 October 27 During October, Oppenheimer sold 132 units. The company uses a periodic inventory system Required What is the value of ending inventory and cost of goods sold for October under the following assumptions Assumption 1. Of the 132 units sold, 46 cost $26, 38 cost $28, 44 cost $29, and 4 cost $31 2. FIFO 3. LIFO 4....
Inventory Costing Methods Carrington Inc. reported the following information for the month of February: Inventory, February 1 63 units @ $26 Purchase: February 7 55 units @ $27 February 18 60 units @ $29 February 27 45 units @ $31 During February, Carrington sold 142 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for February under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1....
Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 70 units @ $26 Purchase: October 7 57 units @ $27 October 18 63 units @ $28 October 27 48 units @ $29 During October, VanderMeer sold 151 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1....
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 Cumulative Price Index Year 2018 $ 870,000 100 2019 980,000 102 2020 1,050,000 103 Required >> a. Compute JTGM's ending inventory under the dollar-value LIFO method for the years 2018 through...
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 3 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 34 minutes ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 4 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 4 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 4 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 4 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago