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6. Refer to the financial information for International Technologies. If International Tech had used the FIFO inventory accounting method, International Tech would have reported what

6. Refer to the financial information for International Technologies. If International Tech had used the FIFO inventory accounting method, International Tech would have reported what dollar amount for inventories on its 2014 balance sheet?

a. $320,393

b. $242,325

c. $195,399

d. $281,359

e. None of the above.

Consolidated Statements of Ops (USD $)

In Thousands

Dec. 27, 2014

Dec. 28, 2013

Dec. 29, 2012

NET SALES

$1,097,788

$929,810

$719,204

Cost of sales

$839,946

$698,771

$542,700

GROSS PROFIT

$257,842

$231,039

$176,504

Selling and administrative expenses

$251,591

$205,797

$171,420

Other operating expense, net

$2,441

$1,334

$184

Facility consolidation expenses

$14,888

$0

$0

Impairment of assets

$3,059

$0

$0

OPERATING INCOME (LOSS)

($14,137)

$23,909

$4,901

Interest expense

$11,615

$10,141

$8,494

Other (income) expense, net

($416)

$70

($748)

Gain on purchase of businesses

($29,997)

$0

$0

Refinancing expenses

$0

$254

$0

INC (LOSS) FROM CONT OPS BEFORE TAXES

$4,660

$13,443

($2,846)

Income tax provision (benefit)

$2,843

($1,558)

($1,083)

INCOME (LOSS) FROM CONTINUING OPS

$1,817

$15,001

($1,763)

Loss from discontinued operations, net of tax

($1,642)

($718)

($740)

Loss on disposal of disc ops, net of tax

($3,961)

$0

$0

NET INCOME (LOSS)

($3,785)

$14,283

($2,503)

Consolidated Balance Sheets

Dec. 27, 2014

Dec. 28, 2013

In Thousands

CURRENT ASSETS

Cash and cash equivalents

$1,064

$689

Receivables, net of allow. of $1,215 and $381, respectively

$136,415

$118,970

Inventories

$281,359

$251,691

Prepaid expenses

$16,119

$15,201

Deferred income taxes

$34,349

$17,879

TOTAL CURRENT ASSETS

$469,306

$404,430

PROPERTY, PLANT AND EQUIPMENT, NET

$276,720

$201,110

OTHER ASSETS

$66,350

$66,398

TOTAL ASSETS

$812,376

$671,938

CURRENT LIABILITIES

$0

$0

Accounts payable

$59,692

$58,533

Accrued expenses

$79,129

$70,745

Current portion of long-term debt

$24,511

$16,818

TOTAL CURRENT LIABILITIES

$163,331

$146,097

LONG-TERM DEBT

$319,167

$274,749

DEFERRED INCOME TAXES

$25,315

$10,994

OTHER LONG-TERM LIABILITIES

$53,525

$49,016

TOTAL LIABILITIES

$561,338

$480,857

From Notes to Financial Statements

Inventories (USD $)

In Thousands

Dec. 31, 2014

Dec. 31, 2013

Raw materials

$109,752

$86,033

Work-in-process

$53,935

$45,576

Finished goods

$156,365

$156,554

Supplies and other

$340

$319

Valuation to reduce to LIFO (LIFO reserve)

($39,034)

($36,790)

Inventories

$281,359

$251,691

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