The following note was contained in a recent Visions Motor Company annual report:
The company reported inventory using LIFO on its balance sheet. The cost of goods sold reported on the income statement for the current year was $127,189 million. Note that the difference in ending inventory between FIFO and LIFO is decreasing.
How much is the cost of goods sold that would have been reported for the current year if Visions had used only FIFO for both years?
Homework Answers
Request Answer!
We need at least 6 more requests to produce the answer.
4 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
The following note was contained in a recent Visions Motor Company annual report:
The following note was contained in a recent Taylor Brothers Motor Company annual report NOTE 8. ...
The following note was contained in a recent Taylor Brothers Motor Company annual report NOTE 8. INVENTORIES-AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in millions) Current Year Previous Year S 4.420 Raw material, work in process, & supplies Finished products S 3.076 6,663 9.739 11,311 (851 Total inventories at FIFO Less LIFO Adjustment Total S 8.449 S 10.460 About one-third of inventories were determined under the last-in, first-out method. Required: 1. What amount of ending inventory would...
Income Statement and balance sheet information abstracted from a recent annual report of Wolverine World Wide,...
Income Statement and balance sheet information abstracted from a recent annual report of Wolverine World Wide, Inc., appears below: Balance Sheet (in millions): December 30, 2017 December 31, 2016 Current Assets: Inventories $276.7 $348.7 Income Statement (in millions): For the year ended December 30,2017 For the year ended December 31, 2016 Net Sales $2350.0 $2494.6 Cost of Goods Sold $1426.6 $1526.4 Gross Profit $923.4 $968.2 The significant accounting policies note disclosure contained the following: Inventories The Company used the LIFO...
Bourne Company (a fictional company) has the following inventory note in its 20x3 annual report. Bourne...
Bourne Company (a fictional company) has the following inventory note in its 20x3 annual report. Bourne Company ($ in millions) Raw materials and work in process Finished goods Less revaluation to LIFO December 31 20x3 20X2 $3,943 $5,870 5,016 2,623 8,959 8,493 (420) (560) $8,539 $7,933 LIFO revaluations decreased $140 million in 20X3, compared with decreases of $169 million in 20x2 and $82 million in 20X1. Included in these changes were decreases of $30 million, $12 million, and $3 million...
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report....
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. December 31 (in millions) 2015 2014 Raw materlals and work in process $13,415 9,963 8,199 6,982 628 755 22,243 17,701 206 (62) $22.449 s17,639 Finished goods Unbilled shipments Less revaluation tO LIFO (a) What is the balance in inventories reported on GE'S 2015 balance sheet? million) (b) What would GE's 2015 balance sheet...
Analyzing an inventory DISCIosur illinois Tool Works reports the following footnote in its 10-K report. The...
Analyzing an inventory DISCIosur illinois Tool Works reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. December 31 (in millions) 2018 2017 Raw material $523 $465 Work-in-process 161 Finished goods 731 703 LIFO reserve (97) (89) Total inventories $1.318 $1,220 (a) What is the balance in inventories reported on ITW's 2018 balance sheet? $ (million) (b) What would ITW's 2018 balance sheet have reported for inventories had the company used...
An annual report for International Paper Company included the following note: The last-in, first-out inventory method...
An annual report for International Paper Company included the following note: The last-in, first-out inventory method is used to value most of International Paper’s U.S. inventories . . . If the first-in, first-out method had been used, it would have increased total inventory balances by approximately $293 million and $290 million at December 31, 2017, and 2016, respectively. For the year 2017, International Paper Company reported net income (after taxes) of $2,144 million. At December 31, 2017, the balance of...
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report....
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. December 31 (in millions) 2010 2009 Raw materials and work in process $ 6,973 $ 7,581 Finished goods 4,435 4,105 Unbilled shipments 456 759 11,864 12,445 Less revaluation to LIFO (404) (529) $ 11,460 $ 11,916 The company reports its inventories using the LIFO inventory costing method. (a) What is the balance in inventories reported on GE's 2010 balance sheet? 11,460 million (b) What...
Carolina Company uses the LIFO method for valuing its ending inventory. The following financial statement information...
Carolina Company uses the LIFO method for valuing its ending inventory. The following financial statement information is available for its first year of operation: Carolina Company Income Statement For the year ended December 31 Sales 60,000 Cost of Goods sold 23,000 Gross Profit 37,000 Expenses 13,000 Income before taxes $ 24,000 Carolina's ending inventory using the LIFO method was $8,700. Carolina's accountant determined that had the company used FIFO, the ending inventory would have been $9,100 . a. Determine what...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 650 units @ $75 each 1,400 units @ $90 each 1,200 units @ $95 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 600 units @ $115 each 1,eee units @ $125 each 450 units $130 each 1,200 units Required: 10. Which method. FIFO or...
Minitax Corporation accounts for 100% of its inventory using LIFO. In its most recent annual report,...
Minitax Corporation accounts for 100% of its inventory using LIFO. In its most recent annual report, Minitax reported the following information on the Balance Sheet. Dec. 31 Dec. 31 2018 2017 Inventory $ 65,000,000 $ 70,000,000 Minitax's Inventory Footnote appeared as follows: "The Company uses LIFO to account for all inventory. Inventories valued on the LIFO basis at December 31, 2018 and 2017 were approximately $ 25,000,000 and $ 30,000,000, respectively, less...
The following note was contained in a recent Taylor Brothers Motor Company annual report NOTE 8. INVENTORIES-AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in millions) Current Year Previous Year S 4.420 Raw material, work in process, & supplies Finished products S 3.076 6,663 9.739 11,311 (851 Total inventories at FIFO Less LIFO Adjustment Total S 8.449 S 10.460 About one-third of inventories were determined under the last-in, first-out method. Required: 1. What amount of ending inventory would...
Bourne Company (a fictional company) has the following inventory note in its 20x3 annual report. Bourne Company ($ in millions) Raw materials and work in process Finished goods Less revaluation to LIFO December 31 20x3 20X2 $3,943 $5,870 5,016 2,623 8,959 8,493 (420) (560) $8,539 $7,933 LIFO revaluations decreased $140 million in 20X3, compared with decreases of $169 million in 20x2 and $82 million in 20X1. Included in these changes were decreases of $30 million, $12 million, and $3 million...
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. December 31 (in millions) 2015 2014 Raw materlals and work in process $13,415 9,963 8,199 6,982 628 755 22,243 17,701 206 (62) $22.449 s17,639 Finished goods Unbilled shipments Less revaluation tO LIFO (a) What is the balance in inventories reported on GE'S 2015 balance sheet? million) (b) What would GE's 2015 balance sheet...
Analyzing an inventory DISCIosur illinois Tool Works reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. December 31 (in millions) 2018 2017 Raw material $523 $465 Work-in-process 161 Finished goods 731 703 LIFO reserve (97) (89) Total inventories $1.318 $1,220 (a) What is the balance in inventories reported on ITW's 2018 balance sheet? $ (million) (b) What would ITW's 2018 balance sheet have reported for inventories had the company used...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 650 units @ $75 each 1,400 units @ $90 each 1,200 units @ $95 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 600 units @ $115 each 1,eee units @ $125 each 450 units $130 each 1,200 units Required: 10. Which method. FIFO or...
Most questions answered within 3 hours.
-
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 51 seconds from now -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 48 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour 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 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 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