2019 2020 Ending Inventory: LIFO 120000 150000 Net Income: LIFO basis 175000 190000 Effective Tax Rate 30% 40% LIFO Reserve 130000 280000 A in LIFO Reserve 50000 150000 question: 1 Compute 2020 Equity if FIFO had been employed - assuming LIFO equity is $500,000. 2 Compute 2020 inventory days on hand for both LIFO and FIFO if COGS is 3,000,000 (time permitting)

2019 2020 Ending Inventory: LIFO 120000 150000 Net Income: LIFO basis 175000 190000 Effective Tax Rate 30% 40% LIFO Reserve 130000 280000 A in LIFO Reserve 50000 150000 question: 1 Compute 2020 Equity if FIFO had been employed - assuming LIFO equity is $500,000. 2 Compute 2020 inventory days on hand for both LIFO and FIFO if COGS is 3,000,000 (time permitting)

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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For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate on sales was 20%. Sales for the year were $5100000. What was the amount of the ending inventory? $1120000. $1520000. $0. $1020000.
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