14. Davidson Company reports using LIFO inventory costing. The following information is taken from their inventory footnote. All numbers are in thousands. Raw materials Work-in-process Finished goods Total Adjust to LIFO cost Lower of cost or market adjustment Inventory $ a. Higher by $19,004 b. Higher by $22,693 c. Lower by $19,004 d. Lower by $22.693 e. None of the above. 2022 2021 26,245 $ 28,283 20,155 19,169 70,348 84,020 116,748 131,472 (22,693) (41,697) $ 94,055 S 89,775 Had Davidson Corporation reported under FIFO inventory costing, their reported cost of sales in 2022 would have been:
14. Davidson Company reports using LIFO inventory costing. The following information is taken from their inventory footnote. All numbers are in thousands. Raw materials Work-in-process Finished goods Total Adjust to LIFO cost Lower of cost or market adjustment Inventory $ a. Higher by $19,004 b. Higher by $22,693 c. Lower by $19,004 d. Lower by $22.693 e. None of the above. 2022 2021 26,245 $ 28,283 20,155 19,169 70,348 84,020 116,748 131,472 (22,693) (41,697) $ 94,055 S 89,775 Had Davidson Corporation reported under FIFO inventory costing, their reported cost of sales in 2022 would have been:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
F112.
Transcribed Image Text:14. Davidson Company reports using LIFO inventory costing. The following information is taken
from their inventory footnote. All numbers are in thousands.
Raw materials
Work-in-process
Finished goods
Total
Adjust to LIFO cost
Lower of cost or market adjustment
Inventory
$
a. Higher by $19,004
b.
Higher by $22,693
c. Lower by $19,004
Lower by $22.693
d.
e. None of the above.
2022
26,245
20,155
70,348
116,748
(22,693)
2021
$ 28,283
19,169
84,020
131,472
(41,697)
$ 94,055 S 89,775
Had Davidson Corporation reported under FIFO inventory costing, their reported cost of sales in
2022 would have been:
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