piotua incone as of year-end 2015? Explain. Assume GE has a 35% income tax rate. As of the 2015 year-end, how much has GE saved in by choosing LIFO over FIFO method for costing inventory? Has the use of LIFO i creased GE's cumulative taxes paid? d increased or de e. What effect has the use of LIFO inventory costing had on GE's pretax income and tax expense 2015 only (assume a 35% income tax rate)? E6-25) Computing Cost of Sales and Ending Inventory Howell Company has the following financial records for the current period. Units Unit Cost Beginning inventory . .. 150 $100 96 92 90 #2 500 Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first-out, (b) average cost, and (c) last-in, first-out. Analyzing an Inventory Footnote Disclosure The inventory footnote from Deere & Company's 2015 10-K follows. E6-26. Inventories Most inventories owned by Deere& Company and its U.S equipment subsidiar- es are valued at cost, on the "last-in, first-out" (LIFO) basis. Remaining inventories are gener- ally valued at the lower of cost, on the "first-in, first-out" (FIFO) basis, or market. The value of gross inventories on the LIFO basis represented 66 percent and 65 percent of worldwide gross inventories at FIFO value at October 31, 2015 and 2014, respectively. If all inventories had been alued on a FIFO ba sis, estimated inventories by major classification at October 31 in millions

The Lancaster Corporation's income statement is given below. Sales Cost of goods sold Gross profit Fixed charges (other than interest) Income before interest and taxes Interest Income before taxes Taxes (35%) Income after taxes LANCASTER CORPORATION a. What is the times-interest-earned ratio? Note: Round your answer to 2 decimal places. Times interest earned Fixed charge coverage times b. What would be the fixed-charge-coverage ratio? Note: Round your answer to 2 decimal places. times $ 223,000 155,000 $ 68,000 33,100 $ 34,900 13,400 $ 21,500 7,525 $ 13,975

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calculate the fixed and variable components of the selling and administrative expenses by dividing the change in cost of the selling and administrative expenses between 2009 and 2010 to change in sales between 2009 and 2010 and use it to determine the fixed and variable components of the cost of the selling and administrative expenses .   Saunders Corporation (amounts in millions of dollars) 2009 2010 Sales 8,296 8,871 Cost of Goods Sold (5,890) (6,290) Selling and Administrative Expenses (1,788) (1,714) Operating Income before Income Taxes  618 867

Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2020. The following data were available: Year Pretax Operating Excess of FIFO Ending Inventory Income using LIFO over LIFO Ending Inventory 2020 $40,000 $8,000 2019 20,000 7,000 2018 30,000 4,000         The income tax rate is 35%. The company began operations on January 1, 2018, and has paid no dividends since inception. Required:   Answer the following questions relating to the 2019-2020 comparative financial statements. a. What is net income for 2020? b. What is restated net income for 2019? c. Prepare the 2019 statement of retained earnings as it would appear in the comparative 2019-2020 financial statements.