1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Veronika [31]
3 years ago
6

The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands).

2016 2015 Cost of sales $1,517,397 $1,529,527 Inventories, net 585,764 546,745 LIFO reserve 4,345 4,094 If Caleres had used the FIFO method of inventory costing, 2016 COGS would have been: A. $1,517,648 thousand B. $1,551,301 thousand C. $1,553,198 thousand D. $1,517,146 thousand E. None of the above
Business
1 answer:
creativ13 [48]3 years ago
4 0

Answer:

A. $1,517,648 thousand

Explanation:

The computation of the cost of goods sold using the FIFO method is shown below:

= Cost of goods sold under LIFO - (Ending LIFO reserves - Beginning LIFO reserves)

= $1,517,397 - ($4,345 - $4,094)

= $1,517,648

We simply applied the above formula so that the cost of goods sold using the FIFO method could come

All other information i.e given is not relevant. Hence, ignored it

You might be interested in
Exercise 118 The information shown below is taken from the accounts of Waverly Corporation for the year ended December 31, 2017.
devlian [24]

Answer:

Explanation:

The preparation of the Cash Flows from Operating Activities—Indirect Method is shown below:

Cash flow from Operating activities - Indirect method

Net income $314,000

Adjustment made:

Add : Depreciation expense $55,000

Add:  Amortization of patent $12,000

Less: Gain on sale of building -$15,000

Add: Loss on sale of land $5,000

Add: Decrease in accounts receivable $23,000

Add: Increase in short-term notes payable $8,000

Add: Decrease in inventory $27,000

Less: Decrease in accounts payable -15,000

Total of Adjustments $100,000

Net Cash flow from Operating activities              $414,000

Cash flow from Investing activities  

Sale of building $85,000

Less: Purchase of equipment -$185,000

Sale of land $40,000

Less: Purchase of delivery van -$33,000

Net Cash flow from Investing activities -$93,000

Cash flow from Financing activities  

Proceeds from issuance of common stock $103,000

Less: Payment of cash dividends -$24,000

Less: Payment of mortgage -$75,000

Net Cash flow from Financing activities $4,000

Net Cash flow from Operating activities $414,000

Net Cash flow from Investing activities -$93,000

Net Cash flow from Financing activities $4,000

Net increase (decrease) in cash for the year is $325,000

Add: Cash at beginning of year $205,000

Ending cash balance $530,000

5 0
2 years ago
Consider the following information for three stocks, A, B, and C. The stocks' returns are positively but not perfectly positivel
rjkz [21]

Answer:

The answer is letter D.

Explanation:

The correct statement is  Portfolio ABC's expected return is 10.66667%

5 0
3 years ago
Camille is having second thoughts about obtaining a college degree. She will have to take out tens of thousands of dollars in lo
Darina [25.2K]

Answer:

More opportunities will be available, financially and otherwise, with a college degree than without one.

Explanation:

From the passage, it stated that:

1. There is a faulty economy. This implies that economy is having a problem or the economy is in recession with little or no opportunities in terms of jobs and payments.

2. Hundreds of other college graduates earning the same degree. This implies that there many people with the same degree qualification competing for the limited job available in the faulty economy.

Based on the two statements above, it false to say that more opportunities will be available, financially and otherwise, with a college degree than without one.

5 0
2 years ago
Read 2 more answers
Soon-Yi Park’s chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community as a growing market
xenn [34]

Answer: Implement a mass marketing campaign

Explanation:

From the question, we are informed that Soon-Yi Park’s chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community as a growing market that spends an increasing percentage of its income on travel.

The least effective component of a marketing plan for Soon-Yi to take advantage of this opportunity is implementing a mass marketing campaign. Rather, Soon-Yi should use a strategy relating to those in LGBT.

5 0
3 years ago
Based on gdp how has us economy been doing in last 5 years
olga55 [171]
Based on gdp the us economy has declined due to a number of reasons; the first one is because of the pheasant industry and it's decline in the perfect execution of pheasants. 
7 0
2 years ago
Other questions:
  • When the economy is on the short-run aggregate supply curve and to the left of the long-run aggregate supply curve, actual aggre
    14·1 answer
  • At the beginning of 2016, Gannon Company received a three-year zero-interest-bearing $1,000 trade note. The market rate for equi
    12·1 answer
  • Although Tracith is one of the best supermarkets in the coastal town of Dawntonia, it fails to retain customers. To solve this p
    11·1 answer
  • Sue is a small business owner who often gives gifts to clients. She gives a $40 gift to her client, Mr. Smith, and his wife. Sue
    13·1 answer
  • The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company.
    12·1 answer
  • Managers today need to look past traditional viewpoints in determining the success of their company's strategy. One such approac
    6·1 answer
  • What happens to the stockholders when a corporation files for bankruptcy?a. The stockholders must also file for bankruptcyb. the
    8·2 answers
  • 1)What is human capital, and how is it different from strictly the quantity of workers available for work? Name three ways to in
    6·1 answer
  • Next Saturday, best friend, Sol, and I will have separate acts in a citywide talent contest. But we've just made a _____ with ea
    8·2 answers
  • The spread is the difference between the bid and ask prices difference between the purchase and sale prices commission charged b
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!