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answer all questions all parts required!!! in detail In preparation for significant expansion of its international operations, Concord Co. has adopted a plan to gradually

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In preparation for significant expansion of its international operations, Concord Co. has adopted a plan to gradually shift to the same accounting methods as used by its international competitors. Part of this plan includes a switch from LIFO inventory accounting to FIFO trecall that IFRS does not allow LIFO). Concord decides to make the switch to FIFO at January 1, 2020. The following data pertains to Concord's 2020 financial statements (in millions of dollars), Sales Inventory purchases 12/31/20 inventory losing FIFO) Compensation expense $650 450 680 27 All sales and purchases were with cash. All of 2020's compensation expense was paid with cash. (ignore taxes.) Concord's property plant, and equipment cost 5500 million and has an estimated useful life of 10 years with no salvage value Concord Co, reported the following for hical 2019 in millions of dollars) CONCORD CO. BALANCE SHEET AT DECEMBER 31, 2019 2019 2018 $ 455 $ 300 Common stock 600 580 Retained earnings 500 500 (100) (50) $ 1,455 $ 1,330 Total equity 2019 $ 600 855 2018 $ 600 730 Cash Inventory Property, plant, and equipment Accumulated depreciation Total assets $ 1455 1,330 CONCORD CO. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 2019 Sales 600 Cost of goods sold (400 Depreciation expense 150 Compensation expense 125 Net Income 125 CONCORD CO. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 2019 Sales $ 600 Cost of goods sold (400) Depreciation expense (50) Compensation expense (25) Net income $ 125 Summary of Significant Accounting Policies Inventory. The company accounts for inventory by the LIFO method the current cost of the company's inventory, which approximates FIFO was $70 and 560 higher at the end of hiscal 2019 and 2018 respectively than those reported in the balance sheet Prepare Concord's December 31, 2020, balance sheet and an income statement for the year ended December 31, 2020. In columns beside 2020's numbers, include 2019's numbers as they would appear in the 2020 financial statements for comparative purposes. (List Assets in order of liquidity) CONCORD CO. Balance Sheet 2020 2019 $ CONCORD CO. Income Statement 2020 2019 $ $ $ $ Compute Concord's inventory turnover for 2019 and 2020 under both LIFO and FIFO. Assume averages are equal to year-end balances where necessary. (Round answers to 2 decimal places, es. 52.75. Do not leave any field blank. Enter for the amounts If the answer is N/A.) 2020 2019 LIFO FIFO

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