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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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1 year ago
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Answer:

corporations can obtain financing at lower rates

Explanation:

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3 years ago
Selected transactions from the journal of Larkspur, Inc., are presented below. Date Account Titles and Explanation Debit Credit
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Answer:

The requirement of the question is below:

Post the transactions to T accounts. (Post entries in the order displayed in the problem statement.)

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Explanation:

In doing the post , I have observed strictly the rule of double that the giving account be credited and the receiving account be debited.

Also,this could be done understanding that assets ,expenses and drawings should be debited when they increase and the reverse when there is reduction.

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An ___ ___ is a category of loan in which the borrower receives a loan based solely on his or her creditworthiness and does not
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4 years ago
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Answer:

c) 5 days, 7 workers

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