Nash-Finch use to account for its inventory? Where did you find this information? If Nash-Finch uses LIFO for some or all of its inventories‚ what do you think motivated management to select this method? Under the inventories footnotes‚ below the financial statements (page 46)‚ Nash-Finch says that 79% of their inventories are valued with LIFO. The additional 21% is calculated using FIFO. By using LIFO‚ Nash-Finch is able to report lower holding inventories by $90.7 million for 2012. Being able to
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2/20 Sale 2‚500 30 4/2 Purchase 3‚000 23 11/4 Sale 2‚200 33 Required: 1. Compute cost of goods sold from 1/1 through 2/21 under the FIFO cost flow assumption. 2. Compute ending inventory at 2/21 under the FIFO cost flow assumption. 3. Compute cost of goods sold from 1/1 through 2/21 under the LIFO cost flow assumption. 4. Compute ending inventory at 2/21 under the LIFO cost flow assumption. 5. Compute cost of goods sold from 1/1 through 2/21 under the weighted average cost flow assumption. 6. Compute
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Retained Earnings: Overstated as net income is overstated. Ending Inventory: Over Stated Write the letter of the method that is most applicable to each statement. a. Specific identification b. Average cost c. First-in‚ first-out (FIFO) d. Last-in‚ first-out (LIFO) ____A___ 1. Is the most realistic ending inventory ____D___ 2. Results in cost of goods sold being closest to current product costs ____C___ 3. Results in highest income during periods of inflation ____C___ 4. Results in highest ending
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Then we can compare the performance of these two companies in 2013 (as shown below). However‚ we cannot get find enough information to make a comprehensive adjustment on 2012 data (in particular‚ we don’t have the estimation on 2011 inventory using FIFO method). As a result‚ we cannot calculate the growth rate of EPS precisely here. 2.) Assess the financial performance of Nuware versus R.P. Stuart. Nuware and R.P. Stuart are in the same industry and share virtually identical business model
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April 30 and May 31 using the FIFO method. In addition‚ determine cost of goods sold for April and May. c) Compute the cost of the ending inventory on April 30 and May 31 using the LIFO method. In addition‚ determine cost of goods sold for April and May. d) Do X´s cash flows from operations for April and May differ depending on which inventory costing method is used? Explain. 2. INVENTORY METHODS a) A company decided to change its inventory valuation from FIFO to weighted average in a period
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÷ Total Units Available for Sale 900 Ending inventory (100 X $6.11) Cost of goods sold (800 X $6.11) Weighted Average Unit Cost $6.11 = $ 611 4‚889 (b) Ending inventory is lower than FIFO ($700) and higher than LIFO ($500). In contrast‚ cost of goods sold is higher than FIFO ($4‚800) and lower than LIFO ($5‚000). (c) The average-cost method uses a weighted-average unit cost‚ not a simple average of unit costs. EXERCISE 6-9 Cost Cameras Minolta Canon Total Light meters Vivitar Kodak Total Total
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sensitive to inventory management as many retail products have short shelf lives due to cyclical inventory and technological advances. Through an analysis of each company’s inventory methodology‚ it was discovered that all utilized the first in-first out (FIFO) method‚ which values inventory by applying a cost-to-retail ratio to the ending inventory’s retail value that are common among U.S. retailers. This paper explores three diverse retail businesses and their inventory methodologies. The first‚ Home
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(n.d.). Our History. Retrieved from: http://www.jnj.com/connect/about- jnj/company-history/ Mcintosh‚ K. A. (n.d.). ehow What is an Operating Budget?. Retrieved from: http://www.ehow.com/info_7947151_operating-budget.html Peavler‚ R. (n.d.). LIFO and FIFO Inventory Accounting Methods Overview of Two Methods of Accounting for and Tracking Inventory. Retrieved from: http://bizfinance.about.com/od/inventory/a/Inventory_Accounting_LIFO_FIFO.htm
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205 Week 3_DQs and Journal Week 3 DQ 1 1. The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controllers bonus is based on the next income. It is the controllers belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? Week 3 DQ 2 2. A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods
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go to this address to get the solution: http://homeworkfox.com/tutorials/business/505/acc-422-week-2-wileyplus-assignment-exercises/ ACC 422 Week 2 WileyPlus Assignment - Exercises Business - Accounting ACC422 Week 2 E7-2 E7-8 E8-5 E8-14 P7-1 E8-25 E7-2 (Determine Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation‚ determine the amount that should be reported as cash. If the item(s) is not reported as cash‚ explain the
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