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<\/div><\/div><\/div> 2019 Assets 2019 Inventories 2019 LIFO Reserve 2018 LIFO Reserve Tax Rate $76,336 $4,909 $5,590 $3,770 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) Inventories $ 10,499 X Total assets 73,336 x Deferred tax liabilities $ 308 x Equity LA 1,420 X b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) Cost of goods sold $ 1,820 x Pretax income 1,820 Income tax expense $ 400 Net income tA 1,420 c. Compute the common-size inventories percentage with LIFO and with FIFO for 2019. Hint: Compute inventory as percent of total assets. Note: Round the percentage to one decimal place (for example, enter 14.6% for 14.55555%). Common size inventories percentage with LIFO for 2019 6.4% Common size inventories percentage with FIFO for 2019 8.6% X Do we believe the difference is material? Yes Check",
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"related_book": {
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"isbn": "1441947205, 978-1441947208",
"edition": "1st Edition",
"authors": "Pietro Alessandrini ,Michele Fratianni ,Alberto Zazzaro",
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"question_posted": "2024-06-09 18:12:08",
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