QUESTION 9The following information was taken from General Mills 2017 annual report:Net salesCost of salesIn MillionsInventories:Raw materials and packagingFinished goodsGrainExcess of FIFO over LIFO cost (a)Total Inventory (Balance Sheet)Fiscal Year201715,619.810,056.02016201516,563.1 $17,630.310,733.611,681.1May 28,2017May 29,2016$ 395.4$ 397.31,224.31,163.173.072.6(209.1)(219.3)$1,483.6$1,413.7What would General Mills year ending May 28, 2017 cost of goods sold have been had it used FIFO rather than LIFO for all itsinventories (in millions to the tenths, e.g. 6.2)?

identify the LIFO Reserve:The LIFO reserve is the difference between the inventory costs under FIFO…

Answered: QUESTION 9 The following information…

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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Dollar-Value LIFO On January 1, 2015, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2015 2016 2017 2018 $39,400 53,700 Feedback 56,680 67,200 Year Ending inventory 2015 $ 39,400✔ 2016 $ 2017 $ 2018 $ Required: Compute the ending inventory for the years 2015, 2016, 2017, and 2018, using the dollar-value LIFO method. Do not round your intermediate calculations. If required, round your answers to the nearest dollar. Date 12/31/15 12/31/16 X Check My Work You should review the calculations for dollar-value LIFO before you begin this exercise. The following partially completed table will help you to organize the information and calculations. 12/31/17 12/31/18 X 100 120 Ending Inventory at Current Costs (given) 130 140 53,700 X Base Year Cost Index Current Year Cost Index 100 120 Inventory Increase at Base-Year Base-Year Costs Costs 39,400 (Decrease) at 44,750 5,350 Relevant Cost Index…
QUESTION: 67 AT THE BEGINNING OF 2015, ENGLAND DRESSES HAS AN INVENTORY OF $85,000. HOWEVER, MANAGEMENT WANTS TO REDUCE THE AMOUNT OF INVENTORY ON HAND TO $45,000 AT DECEMBER 31. IF NET SALES FOR 2015 ARE FORECAST AT $200,000 AND THE GROSS PROFIT RATE IS EXPECTED TO BE 20%, COMPUTE THE COST OF THE MERCHANDISE WHICH MANAGEMENT SHOULD EXPECT TO PURCHASE DURING 2015.
Question: Ferris Company began 2016 with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2016 are as follows: Purchases Purchase Unit Total Date Units Cost⭑ Cost Jan. 10 6,000 $9 Jan. 18 9,000 $10 $ 54,000 $90,000 Totals 15,000 $ 144,000 . Includes purchase price and cost of freight. Sales Date Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on hand at the end of the month. Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: a.) FIFO b.) LIFO c.) Weighted Average method
Inventory Turnover and Days' Sales in Inventory The Southern Company installed a new inventory management system at the beginning of 2015. Shown below are data from the company's accounting records as reported out by the new system: 2015 2016 Sales Revenue Cost of Goods Sold 4,000,000 4,800,000 Beginning Inventory 510,000 53,000 Ending Inventory 530,000 600,000 $8,000,000 $11,000,000 Calculate the company's inventory turnover for 2015 and 2016. Round your answer to two decimal points. 2015 2016 Inventory turnover
Q14: What is Music, Inc.’s 2021 Net Income?
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 21,400 $ 16,800 Sales returns and allowances 1,000 100 Net sales $ 20,400 $ 16,700 Cost of merchandise (goods) sold 11,400 8,400 Gross profit $ 9,000 $ 8,300 Operating expenses: Depreciation $ 940 $ 720 Selling and administrative 4,000 3,200 Research 790 620 Miscellaneous 600 420 Total operating expenses $ 6,330 $ 4,960 Income before interest and taxes $ 2,670 $ 3,340 Interest expense 800 620 Income before taxes $ 1,870 $ 2,720 Provision for taxes 748 1,088 Net income $ 1,122 $ 1,632 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 13,200…
Item 13 A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows: Selling price $ 535,000 Costs to sell 37,500 Replacement cost 462,500 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?
What if the company actually spent $95,000 on overhead costs? What causes a company to have overapplied or underapplied overhead? Is this a situation that would eventually need to be resolved? If so, how?
Problem 13-3A The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income Additional information: $1,936,200 4,401,100 6,337,300 1,456,800 $7,426,700 4,880,500 2,546,200 1,148,400 $1,397,800 1. Accounts receivable increased $207,000 during the year, and inventory decreased $479,400. 2. Prepaid expenses increased $174,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $347,100 during the year. 4. Accrued expenses payable decreased $104,200 during the year. 5. Operating expenses include depreciation expense of $81,300. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, fo (15,000).)

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