Current Attempt in Progress Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. The company reports inventory and cost of goods sold using the LIFO method. Suppose it reported the following information in its 2025 annual report. (in millions) Inventories (LIFO) Current assets Current liabilities LIFO reserve Cost of goods sold (a1) 2025 $2,400 28,000 12.500 6,750 Inventory turnover 16,445 Compute Deere's inventory turnover for 2025. (Round inventory turnover to 2 decimal places, e.g. 5.12.) 2024 $3,100 eTextbook and Media times

Current Attempt in Progress Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. The company reports inventory and cost of goods sold using the LIFO method. Suppose it reported the following information in its 2025 annual report. (in millions) Inventories (LIFO) Current assets Current liabilities LIFO reserve Cost of goods sold (a1) 2025 $2,400 28,000 12.500 6,750 Inventory turnover 16,445 Compute Deere's inventory turnover for 2025. (Round inventory turnover to 2 decimal places, e.g. 5.12.) 2024 $3,100 eTextbook and Media times

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Current Attempt in Progress Oriole Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Purchased 1,380 660 Ending inventory $ Save for Later Quantities Cost of goods sold $ Sold 360 610 Balance 460 1,840 1,480 870 1,530 Unit Price of Purchase $4.60 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. $4.9 $5.3 Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method. Attempts: 0 of 1 used Submit Answer
Mahoney, Inc. reports the following information in its annual report: January 1, 2024 December 31, 2024 Inventory value at LIFO $1,500,000 $1,600,000 LIFO reserve 40,000 50,000 Inventory value at FIFO $ 1,540,000 $1,650,000 Sales for 2024 totaled $10,000,000. Cost of goods sold under LIFO totaled $ 6,700,000. What is Mahoney's 2024 inventory balance, cost of goods sold and gross profit if it uses the FIFO method?
help me
Current Attempt in Progress Flint Enterprises Ltd. reported cost of goods sold for 2023 of $2.3 million and retained earnings of $4.4 million at December 31, 2023. Flint later discovered that its ending inventories at December 31, 2022 and 2023, were overstated by $160.000 and $42.000, respectively. Determine the correct amounts for 2023 cost of goods sold and December 31, 2023 retained earnings. Corrected cost of goods sold Corrected 12/31/23 retained earnings $ $
Answer questions 1 & 2 Exxon Mobil Corporation: Analyzing Effects of LIFO on Inventory Turnover Ratios The current assets of Exxon Mobil Corporation follow: ($ millions) 2014 2013 Current Assets Cash and Cash Equivalents $4,658 $4,913 Notes and Accounts Receivables $28,009 $33,152 Inventories: Crude oil, products and merchandise $12,384 $12,117 Materials and supplies $4,294 $4,018 Other current assets $3,565 $5,108 Total current assets $52,910 $59,308 In addition, the following note was provided in its 2014 10-K report: Inventories. Crude oil, products, and merchandise inventories are carried at the lower of current market value or cost…
Selected hypothetical comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). 2022 2021 Net sales $4,950.2 $5,700.8 Cost of goods sold 3,500.5 3,800.7 Net income 75.2 170.7 Accounts receivable 65.0 103.3 Inventory 1,150.0 1,350.1 Total assets 2,950.1 3,250.1 Total common stockholders’ equity 970.9 1,140.9 Compute the following ratios for 2022. (Round asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%) (a) Profit margin enter profit margin in percentages rounded to 1 decimal place % (b) Asset turnover enter asset turnover in times rounded to 2 decimal places times (c) Return on assets enter return on assets in percentages rounded to 1 decimal place % (d) Return on common stockholders’ equity enter return on common…
Current Attempt in Progress The trial balance of Crane Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $35,000; Purchases $154,900; Sales Revenue $191,000; Freight-In $9,200; Sales Returns and Allowances $4,400; Freight-Out $1,900; and Purchases Returns and Allowances $6,900. The ending inventory is $28,000. Prepare a cost of goods sold section for the year ending August 31.
Current Attempt in Progress Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29, 2025, of $45,251,000 under the LIFO inventory method. In the notes to its financial statements, assume Winnebago reported a LIFO reserve of $29,448,000 at August 29, 2025. What would Winnebago Industries' ending inventory have been if it had used FIFO? Ending inventory assuming FIFO $
Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) 2020 2021 2022 Beginning inventory $2,100 $2,400 $2,500 Ending inventory 2,400 2,500 2,700 Cost of goods sold 19,350 20,825 20,280 Sales revenue 41,000 42,500 42,430 (a) Calculate the inventory turnover for 2020, 2021, and 2022. (Round inventory turnover to 1 decimal place, e.g. 5.1.) 2020 2021 2022 Inventory turnover enter an inventory turnoverenter an inventory turnover timesenter an inventory turnoverenter an inventory turnover timesenter an inventory turnoverenter an inventory turnover times
Question The management of Flames Technologies Ltd (FTL) provided the following information relating to its operations for the year ended December 31, 2020: Sales $1,610,000 $50,000 Sales returns It began the 2020 year with inventory at cost, $248,000 and valued at retail, $441,600 During the year the company made purchases at cost, $964,000 and valued at retail $1,363,800; freight charges were $30,500. Purchase returns at cost were $30,200 and valued at retail at $49,600 The management of FTL also provided information pertaining to markups and markdowns as shown below: The company had additional markups of $93,200 Markup cancellations during the year amounted to $10,800 Markdowns during the year amounted to $39,200 Markdown cancellations during the year amounted to $10,500 Normal shortages due to theft amounted to $58,200 On 31 December 2020, a major fire destroyed all the company's inventory in its warehouse, and in order to make an insurance claim, the management team of FTL has…
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 2023 2022 Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Operating expenses: Depreciation $ 700 $ 600 Selling and administrative 2,200 2,000 Research 550 500 Miscellaneous 360 300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500 Interest expense 560 500 Income before taxes $ 1,630 $ 2,000 Provision for taxes 640 800 Net income $ 990 $ 1,200 Current assets: LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 2023 2022 Assets Cash $ 12,000 $ 9,000 Accounts receivable 16,500 12,500 Merchandise inventory 8,500 14,000 Prepaid expenses 24,000 10,000 Total current assets $ 61,000 $ 45,500 Plant and equipment: Building (net) $ 14,500 $…
A company reports the following financial information: Inventory, December 31, 2021 Inventory, December 31, 2022 Net Sales for 2022 Cost of Goods Sold for 2022 The company's days' sales in inventory is closest to 54 days O 68 days O 114 days O 91 days $ 75,000 125,000 850,000 400,000