Please answer all the subparts a,b,c,d,e.if answered within 45mins,it would be helpful!!thank you E6-26.Analyzing an Inventory Footnote DisclosureIllinois Tool Works reports the following footnote in its 10-K report. The company reports its inveries using the LIFO inventory costing method.Deceeber 31 ($ millions)20182017Raw material. .Work-in-processFinished goods.LIFO reserve.$ 523$ 465161141731703(97)(89)Total inventories.$1,318$1,220a. What is the balance in inventories reported on the 2018 balance sheet?b. What would the 2018 balance sheet have reported for inventories had the company used FIIFO inven-tory costing?c. What cumulative effect has the company's choice of LIFO over FIFO had on its pretax income as ofyear-end 2018? Explain.d. Assume the company has a 35% income tax rate for years prior to 2017 and a 21% rate thereafter.ITW's LIFO reserve was $86 million at December 31, 2016. As of the 2018 year-end, how much hasthe company saved in taxes by choosing the LIFO over FIFO method for costing inventory? Has theuse of LIFO increased or decreased the company's cumulative taxes paid?e. What effect has the use of LIFO inventory costing had on the company's pretax income and tax ex-pense for 2018 only (assume a 21% income tax rate)?

“Since you have posted a question with multiple sub parts, we will be solving the first three…

a. What is the balance in inventories reported on the 2018 balance sheet? b. What would the 2018 balance sheet have reported for inventories had the company used FlIFO inven- tory costing? c. What cumulative effect has the company's choice of LIFO over FIFO had on its pretax income as of year-end 2018? Explain.

a. What is the balance in inventories reported on the 2018 balance sheet? b. What would the 2018 balance sheet have reported for inventories had the company used FlIFO inven- tory costing? c. What cumulative effect has the company's choice of LIFO over FIFO had on its pretax income as of year-end 2018? Explain.

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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