Refer to the information in Problem 40 concerning Sedan Corporations inventory for the years ended March 31, 2013 and 2012 The notes to Sedans financial statements for the year ended March 31, 2013, state that some of Sedans inventory is valued using the last in, first out (LIFO) method Specificall...

a March 31 2013 If Sedan had used FIFO inventory values would have been 13780 less than LIFO amou ...

Refer to the information in Problem 40 concerning Sedan Corporations inventory for the years ended March 31,

Question:

Refer to the information in Problem 40 concerning Sedan Corporation€™s inventory for the years ended March 31, 2013 and 2012. The notes to Sedan€™s for the year ended March 31, 2013, state that some of Sedan€™s inventory is valued using the last-in, first-out (LIFO) method. Specifically, Sedan reported that for the year ended March 31, 2013, ¥283,735 million of inventory was valued using LIFO,compared to ¥357,055 for the year ended March 31, 2012.
Problem 40

The LIFO inventory amounts exceeded their FIFO amounts by ¥13,780 million for the year ended March 31, 2013, and by ¥30,360 million for the year ended March 31, 2012.
a. What would have been the carrying value of Sedan€™s inventory at March 31, 2013 and
2012, had the firm used FIFO to value all inventories?
b. What would have been Sedan€™s cost of products sold for the year ended March 31,
2013, if it had used FIFO for all of its inventories? Note: Convention assigns any LIFO reserve entirely to Finished GoodsInventory.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...