(in millions) 2020 2021 2022 Beginning inventory $1,900 $2,200 $2,400 Ending inventory 2,200 2,400 2,500 Cost of goods sold 18,040 20,010 19,600 Sales revenue 41,000 42,300 42,240
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- Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
- Inventory Costing and LCM Ortman Enterprises sells a chemical used in various manufacturing processes. On January 1, 2019, Ortman had 5,000,000 gallons on hand, for which it had paid $0.50 per gallon. During 2019, Ortman made the following purchases: During 2019, Ortman sold 65 000,000 gallons at $0.75 per gallon (35,000,000 gallons were sold on June 29 and 30,000,000 gallons were sold on Nov. 22), leaving an ending inventory of 7,000,000 gallons. Assume that Ortman uses a perpetual inventory system. Ortman uses the lower of cost or market for its inventories, as required by generally accepted accounting principles. Required: 1. Assume that the market value of the chemical is $0.76 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. Assume that the market value of the chemical is $0.58 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) 2020 2021 2022 Beginning inventory $2,100 $2,400 $2,500 Ending inventory 2,400 2,500 2,700 Cost of goods sold 19,350 20,825 20,280 Sales revenue 41,000 42,500 42,430 Calculate the days in inventory for 2020, 2021, and 2022. (Round days in inventory to 1 decimal place, e.g. 5.1.) 2020 2021 2022 Days in inventory enter a number of daysenter a number of days days enter a number of daysenter a number of days days enter a number of daysenter a number of days days
- Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) 2020 2021 2022 Beginning inventory $2,100 $2,400 $2,500 Ending inventory 2,400 2,500 2,700 Cost of goods sold 19,350 20,825 20,280 Sales revenue 41,000 42,500 42,430 (a) Calculate the inventory turnover for 2020, 2021, and 2022. (Round inventory turnover to 1 decimal place, e.g. 5.1.) 2020 2021 2022 Inventory turnover enter an inventory turnoverenter an inventory turnover timesenter an inventory turnoverenter an inventory turnover timesenter an inventory turnoverenter an inventory turnover timesSuppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. (in millions) 2020 2021 2022 Beginning inventory $2,100 $2,400 $2,500 Ending inventory 2,400 2,500 2,700 Cost of goods sold 19,350 20,825 20,280 Sales revenue 41,000 42,500 42,430 Calculate the gross profit rate for 2020, 2021, and 2022. (Round gross profit rate to 1 decimal place, e.g. 5.1%.) 2020 2021 2022 Gross profit rate enter percentagesenter percentages % enter percentagesenter percentages % enter percentagesenter percentages %Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. \table[[(in millions),2020,2021,2022],[Beginning inventory,$1,900,$2,300,$2,500 Calculate the gross profit rate for 2020,2021 , and 2022. (Round gross profit rate to 1 decimal place, e.g. 5.1%.) \table[[,2020,2021,2022],[Gross profit rate,%,%,20]] Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. \table[[(in millions),2020,2021,2022],[Beginning inventory,$1,900,$2,300,$2,500
- Corporation provided the following net income and inventory 2019 2020 Net income using LIFO 2,750,000 3,000,000 Year-end inventory- FIFO 1,400,000 2,000,000 Year-end inventory-LIFO 900,000 1,600,000 What is the net income for 2020 using the FIFO cost method? A.P3,100,000 B.P2,900,000 C.P2,600,000 D.P P3,500,000Caterpillar Inc (CAT) has the following excerpts from their financial statements December 31, 2021 December 31, 2020 Inventory (in $ Millions) 14,038 11,402 Net Income(in $ Millions) 6,489 2,998 Inventories are principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis. If the FIFO (first-in, first-out) method had been in use, inventories would have been $3,258 million and $2,921 million higher than reported at December 31, 2021 and 2020, respectively. Assume corporate tax rate of 21%. If CAT had used FIFO method instead of LIFO method What inventory (in $ Millions) would CAT report for 2021? What net income (profit) would CAT report in 2021? What is the cumulative amount of income tax savings that CAT generated through end of 2021 by using LIFO instead of FIFO? What…Presented below is information related to Langston Hughes Corporation. Price 0Index0 LIFO 0Cost0 0Retail0 Inventory on December 31, 2020, when dollar-value LIFO is adopted 100 $36,000 $ 74,500 Inventory, December 31, 2021 110 ? 0100,100 Instructions Compute the ending inventory under the dollar-value LIFO method at December 31, 2021. The cost-to-retail ratio for 2021 was 60%.
