Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its August 31,2015, and August 31, 2014, balance sheets, respectively. Cost of goods sold for the year ended August 31, 2015,was $76,520 million. The company uses primarily the LIFO inventory method. A disclosure note reported that ifFIFO had been used instead of LIFO, inventory would have been higher by $2,500 million and $2,300 million atthe end of the August 31, 2015, and August 31, 2014, periods, respectively. Calculate cost of goods sold for theyear ended August 31, 2015, assuming Walgreens used FIFO instead of LIFO.
Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its August 31,2015, and August 31, 2014, balance sheets, respectively. Cost of goods sold for the year ended August 31, 2015,was $76,520 million. The company uses primarily the LIFO inventory method. A disclosure note reported that ifFIFO had been used instead of LIFO, inventory would have been higher by $2,500 million and $2,300 million atthe end of the August 31, 2015, and August 31, 2014, periods, respectively. Calculate cost of goods sold for theyear ended August 31, 2015, assuming Walgreens used FIFO instead of LIFO.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 5PA
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Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its August 31,
2015, and August 31, 2014,
was $76,520 million. The company uses primarily the LIFO inventory method. A disclosure note reported that if
FIFO had been used instead of LIFO, inventory would have been higher by $2,500 million and $2,300 million at
the end of the August 31, 2015, and August 31, 2014, periods, respectively. Calculate cost of goods sold for the
year ended August 31, 2015, assuming Walgreens used FIFO instead of LIFO.
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