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655 (b) (1) FIFO 500 @ $6.79 = $3‚395 200 @ $6.60 = 1‚320 $4‚715 (2) LIFO 100 @ $6.00 = $ 600 100 @ $6.08 = 608 500 @ $6.79 = 3‚395 $4‚603 (c) Total merchandise available for sale $33‚655 Less inventory (FIFO) 4‚715 Cost of goods sold $28‚940 (d) FIFO. 13. The first-in‚ first-out method approximates the specific identification method when the physical flow of goods is on a FIFO basis. When the
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among LIFO‚ FIFO‚ and average cost. What is the value of inventories that Dow Chemical values at LIFO basis as of December 31‚ 2012? .29 * 8476 million= 2485 million 2. Suppose that Dow Chemical had used first-in‚ first-out (FIFO) as a cost flow assumption for all of their Inventories. Would the book value of Inventories at December 31‚ 2012 be higher than‚ lower than‚ or the same as the amount currently recorded? If different‚ by how much? Inventories would be higher with FIFO. Would be higher
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as their cost flow assumption. d) The balance sheets of the two companies would differ in the LIFO reserve John Deere must have on the balance sheet. For John Deere‚ they utilize LIFO‚ which “stores” the value of the product in inventory more than FIFO. John Deere can keep their inventory stocked with lower priced goods on the balance sheet‚ when in reality they are moving all the same inventory. If prices are decreasing
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president and company controller have discussed this problem and the controller has mentioned this idea that if the company changed from LIFO TO FIFO it might be possible to maintain earning growth in 2008. He prepaid a memo to president explain how inventory flow assumption work and provides per forma income statement that show for one product adopting FIFO would allow Merrimack to report higher income in 2008 than it did in 2007 but higher income taxes would have to be paid. First Objective: The
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ALL ANSWERS ASSUME A TAX RATE OF 35% Even though the tax rate appears to be 1720 / 6725 = 25.57% In answering the following questions‚ please refer to the financial statements of Caterpillar Inc. (CAT) and the relevant Notes to these statements at the end of this write-up. 1. What could be the cause(s) for the shift in LIFO-based inventory from 70% at December 31‚ 2010 to 65% at December 31‚ 2011? A decrease in the replacement cost for Cat’s inventories‚ or an increase
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market they most likely examine all of the following except Ans. Human resources. 10. All of the following are advantages that firms often experience through exporting except. Ans. Amplified country and corporate risk. Part B: In what way was Ricardo’s Law of Comparative Advantage superior to Smith’s theory of absolute advantage? How do gains from trade arise with comparative advantage? How can a nation that is less efficient than another nation in the production of all commodities export anything
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Chapter 2 The Power of Trade and Comparative Advantage End-of-Chapter Questions November 25‚ 2012 Facts and Tools 1. Use the idea of the division of knowledge to answer the following questions. (a). Which country has more knowledge: Utopia‚ where in the words of Karl Marx‚ each person knows just enough about hunting‚ shing‚ and cattle raising to hunt in the morning‚ sh in the afternoon‚ [and] rear cattle in the evening‚ or Drudgia‚ where one-third of the population learns only
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of birth‚ development‚ growth‚ maturity‚ decline and demise. The model demonstrates dynamic comparative advantage. The country that has the comparative advantage in the manufacturing of the product changes from the innovating (developed) country to the developing countries. Vernon’s hypothesis was an effort to expand the existing trade theory beyond the static structure of comparative advantage (Ricardo) and other classical economists. The theory suggests that early in a product’s life-cycle all
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$79.60 (20 units @ $3.98). (Weighted average cost = $438/110 units = $3.98) b) FIFO‚ $99.00 (19 units @ $5.00 + 1 unit @ $4.00). c) Only the FIFO method results in the same ending inventory valuation in both periodic and perpetual costing environments. Under the weighted average cost method‚ periodic and perpetual systems usually result in different valuations due to the timing of inventory purchases and sales. Under FIFO‚ the value assigned to ending inventory is the same using periodic or perpetual
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