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tresset_1 [31]
3 years ago
11

Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29, 2

017, of $46,850,000 under the LIFO inventory method. In the notes to its financial statements, assume Winnebago reported a LIFO reserve of $30,346,000 at August 29, 2017. What would Winnebago Industries' ending inventory have been if it had used FIFO?
Business
1 answer:
Ad libitum [116K]3 years ago
7 0

Answer:

Winnebago Industries' ending inventory have been if it had used FIFO is $77,196,000

Explanation:

The computation of the ending inventory under FIFO method is shown below:

= Ending inventory under LIFO inventory method  + LIFO reserve

= $46,850,000 + $30,346,000

= $77,196,000

For determining the ending inventory under the FIFO method, we added the ending inventory under the LIFO method and LIFO reserve so that accurate value can come.

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During 2016, Burr Co. made the following expenditures related to the acquisition of land and the construction of a building:
Colt1911 [192]

Answer:

$64,000 and $358,000

Explanation:

The computation is shown below:

For land:

= Purchase price of land + Legal fees for contracts to purchase land + Demolition of old building on site - Sale of scrap from old building

= $60,000 + $2,000 + $5,000 - $3,000

= $64,000

For building:

= Construction cost of new building (fully completed) + Architects’ fees

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Answer:

$351,000

Explanation:

The computation of the amount of an asset is as follows;

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hence, the cost of an apartment is $351,000

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Answer: To understand how businesses need money and how they can sustain themselves for a period of time to fund bills and still operate

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Answer:

Yes, I do agree with the statement

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The statement which is stating that the company net income  as well as the statement of the owner's equity both are included or shown indirectly in the company balance sheet . As balance sheet is that statement which tells the financial position or performance of the company at a specific time period.

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