(This problem should not be attempted until Problem 32 has been read.) Data for Company D and...
Question:
(This problem should not be attempted until Problem 32 has been read.) Data for Company D and Company E shown in Exhibit 8.14 are taken from the annual reports of two actual companies for a recent year. One of these companies uses a LIFO cost-flow assumption for all of its inventories, whereas the other uses LIFO for only a portion. From these data and the lessons of this chapter, answer the following questions, making explicit the reasoning you used.
a Which of the two companies is more likely to be the 100 -percent LIFO company?
b Data for companies A, B, and C are also shown in Exhibit 8.14. These three companies are in an industry much different from the industries that include Company D and Company E. Which of the two industries is more likely to be related to retailing and which is more likely to be related to manufacturing?
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