H1. AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting butmaintains its internal records using FIFO. The following information was included in a recent annual report:Inventories are comprised of the following ($ in millions):Inventories (under FIFO)Less: LIFO reserveInventories (under LIFO)September 30, 2019 September 30, 2018$ 14,028(1,620)$ 12,408$ 28,056(1,810)$ 26,246The company's income statements reported cost of goods sold of $149,698 million for the year ended September 30, 2019.Required:1. Prepare the September 30, 2019, adjusting entry to record the cost of goods sold adjustment.2. If AnsgarPharm had used FIFO to report its inventories, what would cost of goods sold have been for the year ended September30, 2019?

Name: H1. AnsgarPharm is an American drug wholesale company. The company use
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Description: H1. AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting butmaintains its internal records using FIFO. The following information was included in a recent annual report:Inventories are co

As per LIFO method, records the most recently produced items as sold first. LIFO means. last in…

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AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information was included in a recent annual report: Inventories are comprised of the following ($ in millions): Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) September 30, 2019 September 30, 2018 $ 14,028 $ 28,056 (1,810) (1,620) $ 12,408 $ 26,246 The company's income statements reported cost of goods sold of $149,698 million for the year ended September 30, 2019. Required: 1. Prepare the September 30, 2019, adjusting entry to record the cost of goods sold adjustment. 2. If AnsgarPharm had used FIFO to report its inventories, what would cost of goods sold have been for the year ended September 30, 2019?

AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information was included in a recent annual report: Inventories are comprised of the following ($ in millions): Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) September 30, 2019 September 30, 2018 $ 14,028 $ 28,056 (1,810) (1,620) $ 12,408 $ 26,246 The company's income statements reported cost of goods sold of $149,698 million for the year ended September 30, 2019. Required: 1. Prepare the September 30, 2019, adjusting entry to record the cost of goods sold adjustment. 2. If AnsgarPharm had used FIFO to report its inventories, what would cost of goods sold have been for the year ended September 30, 2019?

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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