LIFO Reserve: Restating Financial Statements.The following information is taken from the annual report of the Walgreens Boots Alliance, Inc.:(in millions)20152014Cost of goods sold$ 79,853$ 58,156Net income before tax5,6443,890Ending inventory9,0116,409Inventory reserve2,8332,633Walgreens uses LIFO to value its inventory. Restate the company’s financial results for 2015 assuming the use of the FIFO method. Assume an effective tax rate of 30%.Enter answers in millions. 2015Cost of goods sold AnswerNet income before tax AnswerEnding inventory AnswerSave AnswersNext

Name: LIFO Reserve: Restating Financial Statements.The following information
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Description: LIFO Reserve: Restating Financial Statements.The following information is taken from the annual report of the Walgreens Boots Alliance, Inc.:(in millions)20152014Cost of goods sold$ 79,853$ 58,156Net income before tax5,6443,890Ending inventory9,0116,

FIFO inventory valuation method says inventory purchased first would dispatch first. In the LIFO…

Answered: Cost of goods sold Answer Net income…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 80.6C

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LIFO Reserve: Restating Financial Statements.
The following information is taken from the annual report of the Walgreens Boots Alliance, Inc.:

(in millions)	2015	2014
Cost of goods sold	$ 79,853	$ 58,156
Net income before tax	5,644	3,890
Ending inventory	9,011	6,409
Inventory reserve	2,833	2,633

Walgreens uses LIFO to value its inventory. Restate the company’s financial results for 2015 assuming the use of the FIFO method. Assume an effective tax rate of 30%.

Enter answers in millions.

		2015
Cost of goods sold		Answer
Net income before tax		Answer
Ending inventory		Answer

Save AnswersNext

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