Assume the Coca Cola Company reports the following footnote in its 10-K December 31 (In millions) Raw materials and work in process Finished goods Unbilled shipments Inventories LIFO RESERVE FIFO Inventory 2016 $5.527 5.152 333 11.012 (997) $12,009 2015 $5.042 4,806 402 10,250 (961) $11,211 The company reports its inventories using the LIFO inventory costing method. Assume Coca Cola (ticker KO) has a 35% income tax rate. For 2016, how much did KO save in taxes by choosing LIFO over FIFO method costing inventory? (round to the nearest million)

Assume the Coca Cola Company reports the following footnote in its 10-K December 31 (In millions) Raw materials and work in process Finished goods Unbilled shipments Inventories LIFO RESERVE FIFO Inventory 2016 $5.527 5.152 333 11.012 (997) $12,009 2015 $5.042 4,806 402 10,250 (961) $11,211 The company reports its inventories using the LIFO inventory costing method. Assume Coca Cola (ticker KO) has a 35% income tax rate. For 2016, how much did KO save in taxes by choosing LIFO over FIFO method costing inventory? (round to the nearest million)

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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