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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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