The use of lifo in accounting for a firms inventory c

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60.The use of LIFO in accounting for a firm's inventory:
61.In a period when costs are falling and inventory quantities are stable, the lowest taxable income would be reported by using the inventory method of:
62.The primary reason for the popularity of LIFO is that it:
63.When reported in financial statements, a LIFO allowance account usually:
64.If a company uses LIFO, a LIFO liquidation causes a company's income taxes to increase:
65.GG Inc. uses LIFO. GG disclosed that if FIFO had been used, inventory at the end of 2016 would have been $15 million higher than the difference between LIFO and FIFO at the end of 2015. Assuming GG has a 40% income tax rate:
66.HH Company uses LIFO. HH disclosed that if FIFO had been used, inventory at the end of 2016 would have been $20 million lower than the difference between LIFO and FIFO at the end of 2015. Assuming HH has a 30% income tax rate:
67.During 2016, WW Inc. reduced its LIFO eligible inventory quantities due to a problem with its major supplier. The effect of this liquidation was to increase its cost of goods soldby approximately $50 million. WW has a 40% income tax rate. If WW had not experienced these supplier problems and the resulting liquidation:
Use the following to answer questions 68 and 69:Thompson TV and Appliance reported the following in its 2016 financial statements:2016Sales $420,000Cost of goods sold:Inventory, January 182,000Net purchases 340,000Goods available for sale 422,000Inventory, December 3186,000Cost of goods sold 336,000Gross profit $ 84,00068.Thompson's 2016 gross profit ratio is:
69.Thompson's 2016 inventory turnover ratio is:
70.Robertson Corporation’s inventory balance was $22,000 at the beginning of the year and $20,000 at the end. The inventory turnover ratio for the year was 6.0 and the gross profit ratio 40%. What were net sales for the year?
Use the following to answer questions 71–73:Anthony Thomas Candies (ATC) reported the following financial data for 2016 and 2015:20162015Sales $305,000$284,000Sales returns and allowances9,0006,000Net sales$296,000$278,000Cost of goods sold:Inventory, January 143,00036,000Net purchases 152,000146,000Goods available for sale 195,000182,000Inventory, December 3157,00043,000Cost of goods sold 138,000139,000Gross profit $158,000$139,00071.ATC's gross profit ratio (rounded) in 2016 is:

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