Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation. The percentage of inventory at the end of 2019 is accounted for by the cash flow assumption that FL uses.

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Answer 1

Question

Chapter 10, Problem 2FSC

a.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The percentage of inventory at the end of 2019 is accounted for by the cash flow assumption that FL uses.

b.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The use of LIFO for domestic US inventory and FIFO for international inventory.

c.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

How FC applies the retail inventory method.

d.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The type of cost included in the cost of sales.

e.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The reason FC does not report a LIFO reserve.

f.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The gross profit percentage of FC in 2017, 2018, and 2019.

g.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

FC’s inventory turnover ratio and days in inventory on hand in 2019.

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Answer 2

Question

Chapter 10, Problem 2FSC

a.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The percentage of inventory at the end of 2019 is accounted for by the cash flow assumption that FL uses.

b.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The use of LIFO for domestic US inventory and FIFO for international inventory.

c.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

How FC applies the retail inventory method.

d.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The type of cost included in the cost of sales.

e.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The reason FC does not report a LIFO reserve.

f.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The gross profit percentage of FC in 2017, 2018, and 2019.

g.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

FC’s inventory turnover ratio and days in inventory on hand in 2019.

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Answer 3

Question

Chapter 10, Problem 2FSC

a.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The percentage of inventory at the end of 2019 is accounted for by the cash flow assumption that FL uses.

b.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The use of LIFO for domestic US inventory and FIFO for international inventory.

c.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

How FC applies the retail inventory method.

d.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The type of cost included in the cost of sales.

e.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The reason FC does not report a LIFO reserve.

f.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The gross profit percentage of FC in 2017, 2018, and 2019.

g.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

FC’s inventory turnover ratio and days in inventory on hand in 2019.

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Answer 4

Question

Chapter 10, Problem 2FSC

a.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The percentage of inventory at the end of 2019 is accounted for by the cash flow assumption that FL uses.

b.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The use of LIFO for domestic US inventory and FIFO for international inventory.

c.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

How FC applies the retail inventory method.

d.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The type of cost included in the cost of sales.

e.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The reason FC does not report a LIFO reserve.

f.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The gross profit percentage of FC in 2017, 2018, and 2019.

g.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

FC’s inventory turnover ratio and days in inventory on hand in 2019.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 10, Problem 2FSC

a.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The percentage of inventory at the end of 2019 is accounted for by the cash flow assumption that FL uses.

b.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The use of LIFO for domestic US inventory and FIFO for international inventory.

c.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

How FC applies the retail inventory method.

d.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The type of cost included in the cost of sales.

e.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The reason FC does not report a LIFO reserve.

f.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The gross profit percentage of FC in 2017, 2018, and 2019.

g.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

FC’s inventory turnover ratio and days in inventory on hand in 2019.

Answer 6

Chapter 10, Problem 2FSC

a.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The percentage of inventory at the end of 2019 is accounted for by the cash flow assumption that FL uses.

Answer 7

Chapter 10, Problem 2FSC

a.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The percentage of inventory at the end of 2019 is accounted for by the cash flow assumption that FL uses.

Answer 8

b.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The use of LIFO for domestic US inventory and FIFO for international inventory.

Answer 9

b.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The use of LIFO for domestic US inventory and FIFO for international inventory.

Answer 10

c.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

How FC applies the retail inventory method.

Answer 11

c.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

How FC applies the retail inventory method.

Answer 12

d.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The type of cost included in the cost of sales.

Answer 13

d.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The type of cost included in the cost of sales.

Answer 14

e.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The reason FC does not report a LIFO reserve.

Answer 15

e.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The reason FC does not report a LIFO reserve.

Answer 16

f.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The gross profit percentage of FC in 2017, 2018, and 2019.

Answer 17

f.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

The gross profit percentage of FC in 2017, 2018, and 2019.

Answer 18

g.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

FC’s inventory turnover ratio and days in inventory on hand in 2019.

Answer 19

g.

To determine

Concept Introduction:

Inventory disclosures in the financial statements include accounting policies, measurement basis, and costing method used for the valuation of inventory. The carrying amount of inventory includes raw materials or finished goods. The use of the LIFO costing method when applicable, including LIFO reserve and effects of LIFO Liquidation.

FC’s inventory turnover ratio and days in inventory on hand in 2019.

Answer 20

Expert Solution & Answer

Answer 21

Expert Solution & Answer

Answer 22

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Answer 23

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Chapter 10 Solutions