LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO. The cash flow assumptions that KCC uses.

Question

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Answer 1

Question

Chapter 10, Problem 1FSC

a.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that KCC uses.

b.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC LIFO reserve at the end of 2017, 2018, and 2019.

c.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The balance of ending inventory in 2017, 2018, and 2019 when KC will use the FIFO cash flow assumption.

d.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC cost of goods under FIFO in 2018 and 2019.

e.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

KC gross profit, taxes and net income is higher or lower under FIFO in 2018 and 2019.

f.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

Compare KC’s gross profit percentage, inventory turnover ratio, and days in inventory on hand under LIFO versus FIFO for 2018 and 2019.

g.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that P&G uses.

h.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The comparison of KC and P&G’s inventory turnover ratio and days in inventory on hand under FIFO for 2019.

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Answer 2

Question

Chapter 10, Problem 1FSC

a.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that KCC uses.

b.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC LIFO reserve at the end of 2017, 2018, and 2019.

c.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The balance of ending inventory in 2017, 2018, and 2019 when KC will use the FIFO cash flow assumption.

d.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC cost of goods under FIFO in 2018 and 2019.

e.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

KC gross profit, taxes and net income is higher or lower under FIFO in 2018 and 2019.

f.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

Compare KC’s gross profit percentage, inventory turnover ratio, and days in inventory on hand under LIFO versus FIFO for 2018 and 2019.

g.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that P&G uses.

h.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The comparison of KC and P&G’s inventory turnover ratio and days in inventory on hand under FIFO for 2019.

Expert Solution & Answer

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Answer 3

Question

Chapter 10, Problem 1FSC

a.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that KCC uses.

b.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC LIFO reserve at the end of 2017, 2018, and 2019.

c.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The balance of ending inventory in 2017, 2018, and 2019 when KC will use the FIFO cash flow assumption.

d.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC cost of goods under FIFO in 2018 and 2019.

e.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

KC gross profit, taxes and net income is higher or lower under FIFO in 2018 and 2019.

f.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

Compare KC’s gross profit percentage, inventory turnover ratio, and days in inventory on hand under LIFO versus FIFO for 2018 and 2019.

g.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that P&G uses.

h.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The comparison of KC and P&G’s inventory turnover ratio and days in inventory on hand under FIFO for 2019.

Expert Solution & Answer

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Answer 4

Question

Chapter 10, Problem 1FSC

a.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that KCC uses.

b.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC LIFO reserve at the end of 2017, 2018, and 2019.

c.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The balance of ending inventory in 2017, 2018, and 2019 when KC will use the FIFO cash flow assumption.

d.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC cost of goods under FIFO in 2018 and 2019.

e.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

KC gross profit, taxes and net income is higher or lower under FIFO in 2018 and 2019.

f.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

Compare KC’s gross profit percentage, inventory turnover ratio, and days in inventory on hand under LIFO versus FIFO for 2018 and 2019.

g.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that P&G uses.

h.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The comparison of KC and P&G’s inventory turnover ratio and days in inventory on hand under FIFO for 2019.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 10, Problem 1FSC

a.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that KCC uses.

b.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC LIFO reserve at the end of 2017, 2018, and 2019.

c.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The balance of ending inventory in 2017, 2018, and 2019 when KC will use the FIFO cash flow assumption.

d.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC cost of goods under FIFO in 2018 and 2019.

e.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

KC gross profit, taxes and net income is higher or lower under FIFO in 2018 and 2019.

f.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

Compare KC’s gross profit percentage, inventory turnover ratio, and days in inventory on hand under LIFO versus FIFO for 2018 and 2019.

g.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that P&G uses.

h.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The comparison of KC and P&G’s inventory turnover ratio and days in inventory on hand under FIFO for 2019.

Answer 6

Chapter 10, Problem 1FSC

a.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that KCC uses.

Answer 7

Chapter 10, Problem 1FSC

a.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that KCC uses.

Answer 8

b.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC LIFO reserve at the end of 2017, 2018, and 2019.

Answer 9

b.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC LIFO reserve at the end of 2017, 2018, and 2019.

Answer 10

c.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The balance of ending inventory in 2017, 2018, and 2019 when KC will use the FIFO cash flow assumption.

Answer 11

c.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The balance of ending inventory in 2017, 2018, and 2019 when KC will use the FIFO cash flow assumption.

Answer 12

d.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC cost of goods under FIFO in 2018 and 2019.

Answer 13

d.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The KC cost of goods under FIFO in 2018 and 2019.

Answer 14

e.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

KC gross profit, taxes and net income is higher or lower under FIFO in 2018 and 2019.

Answer 15

e.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

KC gross profit, taxes and net income is higher or lower under FIFO in 2018 and 2019.

Answer 16

f.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

Compare KC’s gross profit percentage, inventory turnover ratio, and days in inventory on hand under LIFO versus FIFO for 2018 and 2019.

Answer 17

f.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumptions can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, so that comparisons across companies can be made. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

Compare KC’s gross profit percentage, inventory turnover ratio, and days in inventory on hand under LIFO versus FIFO for 2018 and 2019.

Answer 18

g.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that P&G uses.

Answer 19

g.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The cash flow assumptions that P&G uses.

Answer 20

h.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The comparison of KC and P&G’s inventory turnover ratio and days in inventory on hand under FIFO for 2019.

Answer 21

h.

To determine

Concept Introduction:

LIFO to FIFO conversion: Comparison of different cost assumption can be difficult; however, users can convert inventory and cost of goods sold amounts from LIFO to FIFO, in order to make useful comparisons across companies. The change in the LIFO reserve or LIFO effect can be used in converting the cost of goods sold from LIFO to FIFO.

The comparison of KC and P&G’s inventory turnover ratio and days in inventory on hand under FIFO for 2019.

Answer 22

Expert Solution & Answer

Answer 23

Expert Solution & Answer

Answer 24

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Answer 25

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Chapter 10 Solutions