A company provided the following disclosure not to the 12/31/2021 financial statements in its 2021 annual...

 

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A company provided the following disclosure not to the 12/31/2021 financial statements in its 2021 annual report: Inventories are stated at the lower of costs or market. The cost of inventores has been determined using the last in first out (LIFO) method. Cost of goods sold under LIFO costing were 22.2 billion for 2021 and ending inventory under LIFO was 1.6 billion. Ending inventory in 2020 under LIFO cost 1.1 billion. The LIFO reserve amounted to 0.9 billion in 2023 and 0.5 billion in 2020. Compute the following 1. FIFO ending inventory balance at year end 2020 2. FIFO ending inventory balance at year end 2021 3. FIFO cost of goods sold for year end 2021 4. Inventory turnover under LIFO costing for 2021 5. Inventory turnover under FIFO costing for 2021 A company provided the following disclosure not to the 12/31/2021 financial statements in its 2021 annual report: Inventories are stated at the lower of costs or market. The cost of inventores has been determined using the last in first out (LIFO) method. Cost of goods sold under LIFO costing were 22.2 billion for 2021 and ending inventory under LIFO was 1.6 billion. Ending inventory in 2020 under LIFO cost 1.1 billion. The LIFO reserve amounted to 0.9 billion in 2023 and 0.5 billion in 2020. Compute the following 1. FIFO ending inventory balance at year end 2020 2. FIFO ending inventory balance at year end 2021 3. FIFO cost of goods sold for year end 2021 4. Inventory turnover under LIFO costing for 2021 5. Inventory turnover under FIFO costing for 2021

Answer rating: 100% (QA)

I FIFO ending inventory balance at year end 2020 i To calculate the FIFO ending inventory balance at yearend 2020 we need to adjust the LIFO ending in... View the full answer