1. U.S. public companies using LIFO also report the amount that inventory would increase (or occasionally decrease) if the company had instead used FIFO. HARLEY-DAVIDSON, INC EXHIBIT 7.9 Notes to Consolidated Financial Statements 2. ADDITIONAL BALANCE SHEET AND CASH FLOW INFORMATION Financial Statement (in thousands) Effects of Inventory Costing Methods December 31, 2006 2005 REAL WORLD EXCERPT Harley-Davidson, Inc. Inventories ANNUAL REPORT Inventory at FIFO Excess of FIFO over LIFO cost 316.524 244,708 28,726 23,290 LIFO Reserve Inventory reported Inventory at LIFO $287,798 $221.418 on the balance sheet If Harley-Davidson reported COGS of $500,000 thousand. How much COGS would be if it used FIFO?

1. U.S. public companies using LIFO also report the amount that inventory would increase (or occasionally decrease) if the company had instead used FIFO. HARLEY-DAVIDSON, INC EXHIBIT 7.9 Notes to Consolidated Financial Statements 2. ADDITIONAL BALANCE SHEET AND CASH FLOW INFORMATION Financial Statement (in thousands) Effects of Inventory Costing Methods December 31, 2006 2005 REAL WORLD EXCERPT Harley-Davidson, Inc. Inventories ANNUAL REPORT Inventory at FIFO Excess of FIFO over LIFO cost 316.524 244,708 28,726 23,290 LIFO Reserve Inventory reported Inventory at LIFO $287,798 $221.418 on the balance sheet If Harley-Davidson reported COGS of $500,000 thousand. How much COGS would be if it used FIFO?

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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