Financial Accounting by Dyckman E7-31.docx - E7-31 a($...

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E7-31. a. ($ millions) $517 + Purchases - $10,633 = $471. Purchases = $10,587. b. ($ millions) As reported (LIFO) Pro forma (FIFO) Sales revenue $16,030 $16,030 Cost of goods sold 10,633 10,628 Gross profit $ 5,397 $ 5,402 $10,633 - ($47 - $42) = $10,628 c. As reported (LIFO): $5,397 / $16,030 = 33.67%

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