Accounting, Analysis, and Principles in preparation for sigroficant expansion oe its intvenational operations, ABC Co has adopted a plan to gradually shift to the same ooounting methods as used by its international competitiors.Part of this plan includes aswihch from LIFO inventory accounting to FIFO (titall that IFRS don nt alluw LIFOI. ABC decides to make the switch to RPO at January 1, 2017The following data pertains to ABC 3012 financial statements in millions of dellars Ieventcry purchunes 12/31/17 iventoty tuing FIFO All sales and purchases were with cash All of 2017's compensation espense was paid with cash. Ignime tases ) ABC's property plant, and equipment cost S400 mallion and has an estimated useful lite of 10 years with no salvage value ABC Cui.ripertni the folouwing for fisial 2016 (in milliones of dodarst 0 S 500 Irmventory taired rings ccualed dep ciation Total equty Selo Cost od goods seld 3000 tory The comspumy accounts fo invenhary by the 1IFO method. The cuunere org ef the ciaupony's inimory, which appraimwes FIFO, wasio and S ohiher at the end oftal anand 2015 opectivoly than those nepurted in the balance shest Accounting Prepare t and an income statwment foe the year ended Deormher 31, 2017. In colums beside 2017's nambers, inchade 2016's numbers or they avulf appear in the 2027 fitsamcial ststewents for companative Analysis Comspulc ABC's imvntory turnover soe 2016 and 2017 under both LIFO and FIFO. Asume in ness whesre necossary: What causes the differences in this ratio between LIFO and FIFO? Principles avernges are equal to year-end bal Brifly explain, in burms of the principks dicussed in Chapter 2. why GAAP nesquins that comparies ples discussed in Chapter 2. why GAAl' requires that comparies that change accounting methods rocast prior yeac's tinancial statement data. BRIDGE TO THE PROFESSION FASB Codification References Accounting, Analysis, and Principles in preparation for sigroficant expansion oe its intvenational operations, ABC Co has adopted a plan to gradually shift to the same ooounting methods as used by its international competitiors.Part of this plan includes aswihch from LIFO inventory accounting to FIFO (titall that IFRS don nt alluw LIFOI. ABC decides to make the switch to RPO at January 1, 2017The following data pertains to ABC 3012 financial statements in millions of dellars Ieventcry purchunes 12/31/17 iventoty tuing FIFO All sales and purchases were with cash All of 2017's compensation espense was paid with cash. Ignime tases ) ABC's property plant, and equipment cost S400 mallion and has an estimated useful lite of 10 years with no salvage value ABC Cui.ripertni the folouwing for fisial 2016 (in milliones of dodarst 0 S 500 Irmventory taired rings ccualed dep ciation Total equty Selo Cost od goods seld 3000 tory The comspumy accounts fo invenhary by the 1IFO method. The cuunere org ef the ciaupony's inimory, which appraimwes FIFO, wasio and S ohiher at the end oftal anand 2015 opectivoly than those nepurted in the balance shest Accounting Prepare t and an income statwment foe the year ended Deormher 31, 2017. In colums beside 2017's nambers, inchade 2016's numbers or they avulf appear in the 2027 fitsamcial ststewents for companative Analysis Comspulc ABC's imvntory turnover soe 2016 and 2017 under both LIFO and FIFO. Asume in ness whesre necossary: What causes the differences in this ratio between LIFO and FIFO? Principles avernges are equal to year-end bal Brifly explain, in burms of the principks dicussed in Chapter 2. why GAAP nesquins that comparies ples discussed in Chapter 2. why GAAl' requires that comparies that change accounting methods rocast prior yeac's tinancial statement data. BRIDGE TO THE PROFESSION FASB Codification References Accounting, Analysis, and Principles in preparation for sigroficant expansion oe its intvenational operations, ABC Co has adopted a plan to gradually shift to the same ooounting methods as used by its international competitiors.Part of this plan includes aswihch from LIFO inventory accounting to FIFO (titall that IFRS don nt alluw LIFOI. ABC decides to make the switch to RPO at January 1, 2017The following data pertains to ABC 3012 financial statements in millions of dellars Ieventcry purchunes 12/31/17 iventoty tuing FIFO All sales and purchases were with cash All of 2017's compensation espense was paid with cash. Ignime tases ) ABC's property plant, and equipment cost S400 mallion and has an estimated useful lite of 10 years with no salvage value ABC Cui.ripertni the folouwing for fisial 2016 (in milliones of dodarst 0 S 500 Irmventory taired rings ccualed dep ciation Total equty Selo Cost od goods seld 3000 tory The comspumy accounts fo invenhary by the 1IFO method. The cuunere org ef the ciaupony's inimory, which appraimwes FIFO, wasio and S ohiher at the end oftal anand 2015 opectivoly than those nepurted in the balance shest Accounting Prepare t and an income statwment foe the year ended Deormher 31, 2017. In colums beside 2017's nambers, inchade 2016's numbers or they avulf appear in the 2027 fitsamcial ststewents for companative Analysis Comspulc ABC's imvntory turnover soe 2016 and 2017 under both LIFO and FIFO. Asume in ness whesre necossary: What causes the differences in this ratio between LIFO and FIFO? Principles avernges are equal to year-end bal Brifly explain, in burms of the principks dicussed in Chapter 2. why GAAP nesquins that comparies ples discussed in Chapter 2. why GAAl' requires that comparies that change accounting methods rocast prior yeac's tinancial statement data. BRIDGE TO THE PROFESSION FASB Codification References Accounting, Analysis, and Principles in preparation for sigroficant expansion oe its intvenational operations, ABC Co has adopted a plan to gradually shift to the same ooounting methods as used by its international competitiors.Part of this plan includes aswihch from LIFO inventory accounting to FIFO (titall that IFRS don nt alluw LIFOI. ABC decides to make the switch to RPO at January 1, 2017The following data pertains to ABC 3012 financial statements in millions of dellars Ieventcry purchunes 12/31/17 iventoty tuing FIFO All sales and purchases were with cash All of 2017's compensation espense was paid with cash. Ignime tases ) ABC's property plant, and equipment cost S400 mallion and has an estimated useful lite of 10 years with no salvage value ABC Cui.ripertni the folouwing for fisial 2016 (in milliones of dodarst 0 S 500 Irmventory taired rings ccualed dep ciation Total equty Selo Cost od goods seld 3000 tory The comspumy accounts fo invenhary by the 1IFO method. The cuunere org ef the ciaupony's inimory, which appraimwes FIFO, wasio and S ohiher at the end oftal anand 2015 opectivoly than those nepurted in the balance shest Accounting Prepare t and an income statwment foe the year ended Deormher 31, 2017. In colums beside 2017's nambers, inchade 2016's numbers or they avulf appear in the 2027 fitsamcial ststewents for companative Analysis Comspulc ABC's imvntory turnover soe 2016 and 2017 under both LIFO and FIFO. Asume in ness whesre necossary: What causes the differences in this ratio between LIFO and FIFO? Principles avernges are equal to year-end bal Brifly explain, in burms of the principks dicussed in Chapter 2. why GAAP nesquins that comparies ples discussed in Chapter 2. why GAAl' requires that comparies that change accounting methods rocast prior yeac's tinancial statement data. BRIDGE TO THE PROFESSION FASB Codification References