Silvia Company's 2021 balance sheet reveals that inventories reported on a LIFO basis are $25,000,000. In a footnote, management stated that the LIFO reserve was $3,500,000. How much would Silvia's ending inventory be using FIFO?

Silvia Company's 2021 balance sheet reveals that inventories reported on a LIFO basis are $25,000,000. In a footnote, management stated that the LIFO reserve was $3,500,000. How much would Silvia's ending inventory be using FIFO?

Name: Silvia Company's 2021 balance sheet reveals that inventories reported
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Silvia Company's 2021 balance sheet reveals that inventories reported on a LIFO basis are $25,000,000.In a footnote, management stated that the LIFO reserve was $3,500,000.How much would Silvia's ending inventory be using FIFO?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

See similar textbooks

Similar questions

Paco Ltd had the following for the year ended 2020: Ending inventory =$400,00 Opening inventory =$ 41,500 Sales revenue = 114,000 Purchases=77,000 Purchase discounts=7,000 Purchase returns and allowances=5,800 The company has the policy ofusing periodic method. Calculate cost of sales for the year.
Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29, 2022, of $45,343,000 under the LIFO inventory method. In the notes to its financial statements, assume Winnebago reported a LIFO reserve of $31,400,000 at August 29, 2022.What would Winnebago Industries' ending inventory have been if it had used FIFO? 2022 ending inventory assuming FIFO
Jungkook Corp. has reported an inventory balance of P2,500,000 (based on physical count on January 5, 2021) by end of year 2020. As the company’s auditor, you have noted of the following transactions: • Goods shipped to Jungkook F.O.B. destination on December 28, 2019 were received on January 5, 2021. Based on the provided invoice, this costs P300,000 and is physically counted as part of the initial inventory balance. • There are also goods amounting to P250,000 which you have learned later on, has been held on consignment from a major consignor of Jungkook Corp. This is as well physically counted as part of the initial inventory balance. • Merchandise with cost of P100,000 was already in-transit to a customer, F.O.B shipping point on December 30, 2020. It arrived on January 4, 2021. Since it has already been shipped before the physical count on January 5, the merchandise is not included in the initial inventory balance. • You also have noted that P150,000 worth of merchandise has not…
Marine Corporation collected $120,000 during 2020. Of this amount, $2,000 was still unearned as of December 31, 2020. The company reported sales of $128,000. Marine purchased inventory during 2020 of $48,000, and the inventory account balance was the same at the beginning and the end of the year. What was the company's gross profit for 2020?
The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were shipped to the branch. The account “allowance for overvaluation of branch inventory”, after adjustment, shows a balance of P25,000 at the end of the year. Compute the amount of ending inventory at: a. Cost and b. Billed Price
Objective Company bills its Palawan branch at 140% of cost during 2020. Goods billed at P866,250 were shipped to Palawan branch. The account allowance for overvaluation has a balance of P306,000 before adjustment. The beginning inventory of the branch from the home office at cost is P234,000; the beginning inventory of the branch from outsiders is P38,000. Purchases from outsiders is P326,250. How much is the cost of goods available for sale of the branch?Required to answer. Single line text.
Emerald Corp. had total inventory of $65,000 at the beginning of February 2020. On February 2, it purchased inventory from a seller for $22,500 on credit with terms 2/15, n/30. Emerald received goods on February 10 and paid the total amount due on February 14. There were no other transactions during the month. Assuming a perpetual inventory system, what would be the cost of inventory at the end of February? =65000+22500(2%) =$64540 Steel Inc. was incorporated on January 1, 2019. At the end of 2019, it reported the following information for its first year of operations: net earnings $17,500, dividends $8,100, and contributed capital $180,000. At the end of 2020, it reported the following information: net earnings $28,000, dividends $11,000, and contributed capital $230,000. What was retained earnings at the end of 2020? 2019=0+17500-8100 =9400 2020=9400+28000-11000 =$25400
CMN Inc. uses LIFO and has experienced increasing costs since its founding. CMN disclosed that the LIFO reserve (also known as the LIFO allowance) at the end of 2021 was $3 million. The balance sheet showed ending inventory of $17 million at the end of 2021. What would the ending inventory have been if CMN had always used FIFO? Multiple Choice $20 million. S17 milion. $14 milon
Lol Company’s inventory account balance on December 31, 2019 was 360,000 and 30,000 of those goods were purchased FOBshipping point and still in transit as of December 31, 2019. Purchases in 2020 were 3,000,000. The perpetual inventory records showedan ending inventory of 420,000 for 2020. A physical count of the goods on hand at the end of 2020 showed an inventory of 380,000.What amount should the company report as cost of goods sold in its 2020 statement of comprehensive income? _______________
CDE Company bills its Palawan branch at 140% of cost during 2020. Goods billed at P866,250 were shipped to Palawan branch. The account allowance for overvaluation has a balance of P306,000 before adjustment. The beginning inventory of the branch from the home office at cost is P234,000; the beginning inventory of the branch from outsiders is P38,000. Purchases from outsiders is P326,250. How much is the cost of goods available for sale of the branch?
The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were shipped to the branch. The account “allowance for overvaluation of branch inventory”, after adjustment, shows a balance of P25,000 at the end of the year. Compute the amount of ending inventory at: A. Billed Price *
The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2020 if either the FIFO or the LIFO method had been used. For 2020, the accounting records show these data: Purchases and Sales Beginning ( 7,000 units) $ 14,000 Total net sales ( 180,000 units) $ 747,000 Ending ( 17,000 units) Total cost of goods purchased ( 190,000 units) 466,000 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 50,000 $ 2.2 $ 110,000 2 40,000 2.35 94,000 3 40,000 2.5 100,000 4 60,000 2.7 162,000 190,000 $ 466,000 Operating expenses were $ 130,000, and the company’s income tax rate is 40%. Prepare comparative condensed income statements for 2020 under FIFO and LIFO