Blossom Company began operations in 2023 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2025, in accordance with other companies in its industry, Blossom changed its inventory pricing to FIFO. The pretax income data is reported below. Year Weighted-Average 2023 $382.100 2024 398,700 2025 (a) 421.100 * Your answer is incorrect. FIFO Net income $ $398,800 426,900 466,900 What is Blossom's net income in 2025? Assume a 35 % tax rate in all years. 31390 Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing. Net effect $ eTextbook and Media SU Show comparative income statements for Kingbird Company, beginning with income before income tax, as presented on the 2020 income statement. Income before income tax $ Income tax Net income $ 2020 $ 2019 $ 2018

Blossom Company began operations in 2023 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2025, in accordance with other companies in its industry, Blossom changed its inventory pricing to FIFO. The pretax income data is reported below. Year Weighted-Average 2023 $382.100 2024 398,700 2025 (a) 421.100 * Your answer is incorrect. FIFO Net income $ $398,800 426,900 466,900 What is Blossom's net income in 2025? Assume a 35 % tax rate in all years. 31390 Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing. Net effect $ eTextbook and Media SU Show comparative income statements for Kingbird Company, beginning with income before income tax, as presented on the 2020 income statement. Income before income tax $ Income tax Net income $ 2020 $ 2019 $ 2018

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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Caterpillar Inc (CAT) has the following excerpts from their financial statements December 31, 2021 December 31, 2020 Inventory (in $ Millions) 14,038 11,402 Net Income(in $ Millions) 6,489 2,998 Inventories are principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis. If the FIFO (first-in, first-out) method had been in use, inventories would have been $3,258 million and $2,921 million higher than reported at December 31, 2021 and 2020, respectively. Assume corporate tax rate of 21%. If CAT had used FIFO method instead of LIFO method What inventory (in $ Millions) would CAT report for 2021? What net income (profit) would CAT report in 2021? What is the cumulative amount of income tax savings that CAT generated through end of 2021 by using LIFO instead of FIFO? What…
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As of January 1, 2020, Ivanhoe Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2020, you obtain the following data. Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances Cost $28,700 110,310 3,000 Selling Price $45,300 10,100 10,000 7,000 3,400 155,400 156,900 4,300 7,800
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Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) Beginning inventory Ending inventory Cost of goods sold Sales revenue (a) 2020 Inventory turnover $1,700 2,200 15,015 38,600 2021 $2,200 $2,500 2,500 2022 45,100 2020 17,860 17,595 2,600 Calculate the inventory turnover for 2020, 2021, and 2022. (Round inventory turnover to 1 decimal place, e.g. 5.1.) 45,000 times 2021 times 2022 times
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I computed 72,540 but is checked wrong why?
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