Homework Answers
Net Income (FIFO method) = Net income of LIFO method + Increased in inventory net of tax
= $2144 + (293-290)*(1-0.30)
= $2146.10 million
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Required information The following information applies to the questions displayed below) 1 of 3 An annual report fo...
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Required information The following information applies to the questions displayed below.) 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...
Check my work Required information (The following information applies to the questions displayed below. uest itures 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. ed For the year 2017, International Paper Company reported...
Required information [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,170 units at $38; purchases, 7,930 units at $40; expenses (excluding income taxes), $193,300; ending inventory per physical count at December 31, current year, 1,710 units; sales, 8,390 units; sales price per unit, $80, and average income tax rate, 32 percent. Required: 1-a. Compute cost of goods sold...
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