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b. What amount of gross profit would Casey's General Stores have reported if the FIFO method had been used to value all inventories in 2020. Round intermediate calculations and answer to one decimal place. $2,144.7 x million c. Calculate the gross profit margin (GPM) as reported and assuming that the FIFO method had been used to value all inventories. Round answers to two decimal places (i.e., 0.15785= 15.79%) As reported 23.4 X% Under FIFO 234 Y 0

b. What amount of gross profit would Casey's General Stores have reported if the FIFO method had been used to value all inventories in 2020. Round intermediate calculations and answer to one decimal place. $2,144.7 x million c. Calculate the gross profit margin (GPM) as reported and assuming that the FIFO method had been used to value all inventories. Round answers to two decimal places (i.e., 0.15785= 15.79%) As reported 23.4 X% Under FIFO 234 Y 0

FINANCIAL ACCOUNTING
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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respectively. There were no material LIFO liquidations during the period presented. Below is a summary of the inventory values at April 30, 2020 and 2019. Years Ended April 30, 2020 2019 $33,695 $83,204 202,312 189,836 Total Inventory $236,007 $273,040 ($ thousands) Fuel Merchandise In 2020, Casey's General Stores reported sales revenue of $9,175.3 million and cost of goods sold of $7,030.6 million. a. Calculate the amount of inventories purchased by Casey's General Stores in 2020. Round intermediate calculations and answers to one decimal place. $ 6,993.6 million. b. What amount of gross profit would Casey's General Stores have reported if the FIFO method had been used to value all inventories in 2020. Round intermediate calculations and answer to one decimal place. $ 2,144.7 X million c. Calculate the gross profit margin (GPM) as reported and assuming that the FIFO method had been used to value all inventories. Round answers to two decimal places (i.e., 0.15785 = 15.79%) As reported 23.4 X% Under FIFO 23.4 * %
Transcribed Image Text:respectively. There were no material LIFO liquidations during the period presented. Below is a summary of the inventory values at April 30, 2020 and 2019. Years Ended April 30, 2020 2019 $33,695 $83,204 202,312 189,836 Total Inventory $236,007 $273,040 ($ thousands) Fuel Merchandise In 2020, Casey's General Stores reported sales revenue of $9,175.3 million and cost of goods sold of $7,030.6 million. a. Calculate the amount of inventories purchased by Casey's General Stores in 2020. Round intermediate calculations and answers to one decimal place. $ 6,993.6 million. b. What amount of gross profit would Casey's General Stores have reported if the FIFO method had been used to value all inventories in 2020. Round intermediate calculations and answer to one decimal place. $ 2,144.7 X million c. Calculate the gross profit margin (GPM) as reported and assuming that the FIFO method had been used to value all inventories. Round answers to two decimal places (i.e., 0.15785 = 15.79%) As reported 23.4 X% Under FIFO 23.4 * %
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