IFRS unit 7and 8

IFRS unit 7and 8 - company. If Camden used LIFO, then the...

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Cortney Stenger Unit 7 and 8 UNIT 7 1) a. FIFO: COGS - $5,300 Ending Inventory - $2,400 b. LIFO: COGS - $5,950 Ending Inventory - $1,750 c. If Camden used FIFO, then COGS would be reported at a lower value on the income statement, and there would be a higher value reported for inventory on the balance sheet. Lower COGS on the income statement reports higher earnings for the
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Unformatted text preview: company. If Camden used LIFO, then the exact opposite would happen. 6) d. UNIT 8 1) 1. Net Realizable Value & Replacement Cost 2. Net Realizable Value & Net Realizable Value less Normal Profit 1. $3,000 2. $5,000 2) 1. $36,000 2. $36,000 3) a. Inventory Write Down Expense 1,000 Inventory 1,000 b. Cost of Goods Sold 1,500 Inventory 1,500...
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IFRS unit 7and 8 - company. If Camden used LIFO, then the...

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