Bourne Company (a fictional company) has the following inventory note in its 20X3 anı Bourne Company December 31 ($ in millions) 20X3 20X2 Raw materials and work in process Finished goods $3,943 5,016 8,959 (420) $5,870 2,623 8,493 (560) Less revaluation to LIFO $8,539 $7,933

Bourne Company (a fictional company) has the following inventory note in its 20X3 anı Bourne Company December 31 ($ in millions) 20X3 20X2 Raw materials and work in process Finished goods $3,943 5,016 8,959 (420) $5,870 2,623 8,493 (560) Less revaluation to LIFO $8,539 $7,933

Name: 3. What December 31, 20X3, balance sheet amounts would be different-a
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Description: 3. What December 31, 20X3, balance sheet amounts would be different-and by how much-if Bourne had usedFIFO to account for its inventories?4. What were the LIFO liquidation profits reported in 20X3 both pre-tax and after-tax? Bourne Company (a fictio

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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