The financial statements of Louis Vuitton are presented in Appendix F. The complete consolidated financial statements, including

Question:

The financial statements of Louis Vuitton are presented in Appendix F. The complete consolidated financial statements, including the notes to its financial statements, are available at the company’s website.


Instructions

Using the notes to the company’s 2018 consolidated financial statements, answer the following questions.

a. What cost flow assumption does the company use to value inventory other than wine?

b. What net amount of goods purchased for resale and finished products did the company report at December 31, 2018?

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Financial Accounting

ISBN: 9781119594598

11th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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