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dusya [7]
3 years ago
12

In 2007, Terry Inc. provided the following items in their footnotes. Their cost of goods sold was $22 billion under FIFO costing

and their inventory value under FIFO costing was $2.1 billion. Their LIFO Reserve account balance for year end 2006 had a $0.6 billion credit balance and then at year end 2007, it had a credit balance of $0.8 billion. How much would they report as LIFO cost of goods sold?
a. $1.9 billion.
b. $2.9 billion.
c. $2.3 billion.
d. $1.3 billion.
Business
1 answer:
nikdorinn [45]3 years ago
7 0

Answer:

$22.2 billion

Explanation:

Calculation to determine How much would they report as LIFO cost of goods sold

Cost of goods sold=$22 billion + ($0.8 billion ­ $0.6 billion)

Cost of goods sold=$22 billion + $0.2 billion

Cost of goods sold= $22.2 billion

Therefore How much would they report as LIFO cost of goods sold would be $22.2 billion

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The following information was taken from the income statement and balance sheet of The Perryman Company for the years 2018 and 2019:

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Sales revenues                     $590,000       $574,000

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a. Net profit margin for 2019

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b. Asset turnover for 2019

This can be calculated as follows:

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This can be calculated as follows:

Return on assets = Net income / Average total assets = Net income in 2019 / ((Total assets in 2019 + Total assets in 2018) / 2) = $212,000 / (($2,142,000 + $1,998,000) / 2) = 0.1024, or 10.24%

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