Required 1 Required 2 Required 3What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? (Enter youranswer in millions.)Reported ending inventorymillion The following note was contained in a recent Ford Motor Company annual report:NOTE 8. INVENTORIES AUTOMOTIVE SECTORInventories at December 31 were as follows (dollars in millions)Raw material, work in process, & suppliesFinished productsTotal inventories at FIFOLess LIFO AdjustmentTotalCurrent Year$ 2,8473,9826,829(928)$ 5,901PreviousYear$ 2,8123,9706,782(865)$ 5,917About one-third of inventories were determined under the last-in, first-out method.Required:1. What amount of ending inventory would have been reported in the current year if Ford had used only FIFO?2. The cost of goods sold reported by Ford for the current year was $113,345 million. Determine the cost of goods sold thatwould have been reported if Ford had used only FIFO for both years.3. To lower the cash outflows for taxes, which of the following should the Ford management choose to use for certain of itsinventories when the costs are rising?

Name: Required 1 Required 2 Required 3What amount of ending inventory would
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Description: Required 1 Required 2 Required 3What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? (Enter youranswer in millions.)Reported ending inventorymillion The following note was contained in a recent For

If Ford had only used FIFO, ending inventory in the current year would have been $6829 million

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Required 1 Required 2 Required 3 What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? (Enter your answer in millions.) Reported ending inventory million

Required 1 Required 2 Required 3 What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? (Enter your answer in millions.) Reported ending inventory million

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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PROBLEM 10 The inventory of Juan Company on December 31, 2020, consists of the following items: Inventory No. Quantity Cost per Unit NRV A1001* 1,000 4,100 P56 P6 A1005 61 59 A1010 500 98 85 A1014 1,200 15 16 A1021 37 3,250 750 35 A1022 20 26 A1030 1,350 39 35 *Inventory A1001 is slow-moving and was acquired four years ago. It will be sold as scrap with a realizable value of P6.00 Requirement: 1. Determine the valuation of the inventory as of December 31, 2020.
1 rt 1 of 2 56 its 01:23:07 Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales. Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Required 1 Required 2 Required 3 Date Units Acquired at Cost 300 units @ $14.00- - 520 units @ $19.00 = Complete this question by entering your answers in the tabs below. Goods Purchased 500 units # of units 200 units 1,520 units Cost per # of units sold unit 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Determine the costs assigned to ending inventory and to cost of goods sold…
The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 Purchases: 9/7 9/25 Sales: 9/10 9/29 6,000 units were on hand at the end of September. Required: 1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. 2. Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. (Round cost per unit to 2 decimal places.) Average Cost Beginning Inventory Purchases: 9/7 9/25 Total 8,000 units @ $10.00 6,000 units @ $10.70 9,000 units @ $12.60 8,000…
Chapter 8 Perform (ASAC LO 5 and BSAC LO 2) Kingbird Company began operations late in 2024 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2024 and no markdowns during 2024, the ending inventory for 2024 was $13,708 under both the conventional retail method and the LIFO retail method. At the end of 2025, management wants to compare the results of applying the conventional and LIFO retail methods. There was no change in the price level during 2025. The following data are available for computations. Cost Inventory, January 1, 2025 Sales revenue Net markups mu Net markdowns mo Purchases Freight-in Estimated theft (b) The LIFO retail method. Ending inventory at cost Ending inventory at retail Cost $ $13,708 $ 63,900 5,888 Retail Compute the cost of the 2025 ending inventory under both: (a) The conventional retail method. $20,200 77,000 mu 9,900 mD 1,800 ex Beg Ending inventory using the conventional retail method $ 87,500 2,200 27336 40800…
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irrent Attemptin Progress Swifty Company uses the perpetual inventory system and the moving-average method to value inventories. On August 1, there were 10000 units valued at $20000 in the beginning inventory. On August 10, 10000 units were purchased for $5.00 per unit. On August 15, 15000 units were sold for $12 per unit The amount charged to cost of goods sold on August 15 was O $50000. O $20000. O $62500. O $52500.
net realizable value = 902