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1. U.S. public companies using LIFO also report the amount that inventory would increase (or occasionally decrease) if the company had instead used FIFO. HARLEY-DAVIDSON, INC EXHIBIT 7.9 Notes to Consolidated Financial Statements 2. ADDITIONAL BALANCE SHEET AND CASH FLOW INFORMATION Financial Statement (in thousands) Effects of Inventory Costing Methods December 31, 2006 2005 REAL WORLD EXCERPT Harley-Davidson, Inc. Inventories ANNUAL REPORT Inventory at FIFO Excess of FIFO over LIFO cost 316.524 244,708 28,726 23,290 LIFO Reserve Inventory reported Inventory at LIFO $287,798 $221.418 on the balance sheet If Harley-Davidson reported COGS of $500,000 thousand. How much COGS would be if it used FIFO?

1. U.S. public companies using LIFO also report the amount that inventory would increase (or occasionally decrease) if the company had instead used FIFO. HARLEY-DAVIDSON, INC EXHIBIT 7.9 Notes to Consolidated Financial Statements 2. ADDITIONAL BALANCE SHEET AND CASH FLOW INFORMATION Financial Statement (in thousands) Effects of Inventory Costing Methods December 31, 2006 2005 REAL WORLD EXCERPT Harley-Davidson, Inc. Inventories ANNUAL REPORT Inventory at FIFO Excess of FIFO over LIFO cost 316.524 244,708 28,726 23,290 LIFO Reserve Inventory reported Inventory at LIFO $287,798 $221.418 on the balance sheet If Harley-Davidson reported COGS of $500,000 thousand. How much COGS would be if it used FIFO?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 36BE: Effects of Inventory Costing Methods Refer to the information for Tyler Company above. Required: 1....
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1. U.S. public companies using LIFO also report the amount that inventory would
increase (or
occasionally decrease) if the company had instead used FIFO.

 

See file please.

1. U.S. public companies using LIFO also report the amount that inventory would increase (or occasionally decrease) if the company had instead used FIFO. HARLEY-DAVIDSON, INC EXHIBIT 7.9 Notes to Consolidated Financial Statements 2. ADDITIONAL BALANCE SHEET AND CASH FLOW INFORMATION Financial Statement (in thousands) Effects of Inventory Costing Methods December 31, 2006 2005 REAL WORLD EXCERPT Harley-Davidson, Inc. Inventories ANNUAL REPORT Inventory at FIFO Excess of FIFO over LIFO cost 316.524 244,708 28,726 23,290 LIFO Reserve Inventory reported Inventory at LIFO $287,798 $221.418 on the balance sheet If Harley-Davidson reported COGS of $500,000 thousand. How much COGS would be if it used FIFO?
Transcribed Image Text:1. U.S. public companies using LIFO also report the amount that inventory would increase (or occasionally decrease) if the company had instead used FIFO. HARLEY-DAVIDSON, INC EXHIBIT 7.9 Notes to Consolidated Financial Statements 2. ADDITIONAL BALANCE SHEET AND CASH FLOW INFORMATION Financial Statement (in thousands) Effects of Inventory Costing Methods December 31, 2006 2005 REAL WORLD EXCERPT Harley-Davidson, Inc. Inventories ANNUAL REPORT Inventory at FIFO Excess of FIFO over LIFO cost 316.524 244,708 28,726 23,290 LIFO Reserve Inventory reported Inventory at LIFO $287,798 $221.418 on the balance sheet If Harley-Davidson reported COGS of $500,000 thousand. How much COGS would be if it used FIFO?
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