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Net Sales Cost Sales Consolidated Balance Sheet $ $ 2019 2018 3,762.2 $ 3,917.2 2,898.1 $ 2,952.0 $ $ 2019 281.9 $ 450.8 $ 2018 253.2 448.7 $ $ 35.8 $ 486.6 $ 71.5 520.2 $ 255.7 $ 265.2 $ 52.6 $ 42.6 $ 245.1 $ 241.8 $ (33.8) 5 (22.6) $ 519.6 $ 527.0 $36.8 $ 33.2 $ 1,324.9 $ 1,333.6 Cash and Cash equivalents Trade receivables, net of allowance $7.2 and $9.3, at 12/31/19 & 12/31/18 respectively Other receivables, net Total receivables, net Inventories Finished goods Work in progress Raw materials & Supplies LIFO reserve Total inventories, net Prepaid expenses and other current assets Total current assets Property, plant and equipment at cost machinery and equipment Buildings and other Land Total property, plant and equipment Less accumulated depreciation Net property, plant and equipment Other assets Goodwill Other intangibles, less accumulated amortization of $137.0 & $139.8 at 12/31/19 & 12/31/18 respectively Sundry Total other assets Total assets $ $ 1,133.8 $ 1,099.1 $ 559.4 $ 548.2 37.7 $ 40.0 $ 1,730.9 $ 1,687.3 $ (1,165.4) S (1,146.5) $ 565.5 $ 540.8 791.3 164.9 806.1 188.4 137.5 1172 1093.7 1111.7 2,984.1 $ 2,986.1 $ Be sure to show all work Complete the following 5 questions. A. Find the common size amount of inventory for both years and comment on differences that you note. Since the company selling to retailers, does this ratio look appropriate? Answer 2019 2018 B. find the inventory turnover for both years and comment on any change. At 12/31/17, total inventory was $481.4, net Answer C. The comapany uses LIFO. What would the company have reported as inventory in in '18 & 19 had the company used the FIFO method? (LIFO reserve balances: "19-$33.8, 18-$22.6, & '17-$73.0) Answer: D. Recalculate COGS under the FIFO method. receivables turnover? Answer: E. Recalculate the inventory turnover ratios for '18 & 19 under FIFO method. What differences do you notice between the FIFO and LIFO ratios? Answer Net Sales Cost Sales Consolidated Balance Sheet $ $ 2019 2018 3,762.2 $ 3,917.2 2,898.1 $ 2,952.0 $ $ 2019 281.9 $ 450.8 $ 2018 253.2 448.7 $ $ 35.8 $ 486.6 $ 71.5 520.2 $ 255.7 $ 265.2 $ 52.6 $ 42.6 $ 245.1 $ 241.8 $ (33.8) 5 (22.6) $ 519.6 $ 527.0 $36.8 $ 33.2 $ 1,324.9 $ 1,333.6 Cash and Cash equivalents Trade receivables, net of allowance $7.2 and $9.3, at 12/31/19 & 12/31/18 respectively Other receivables, net Total receivables, net Inventories Finished goods Work in progress Raw materials & Supplies LIFO reserve Total inventories, net Prepaid expenses and other current assets Total current assets Property, plant and equipment at cost machinery and equipment Buildings and other Land Total property, plant and equipment Less accumulated depreciation Net property, plant and equipment Other assets Goodwill Other intangibles, less accumulated amortization of $137.0 & $139.8 at 12/31/19 & 12/31/18 respectively Sundry Total other assets Total assets $ $ 1,133.8 $ 1,099.1 $ 559.4 $ 548.2 37.7 $ 40.0 $ 1,730.9 $ 1,687.3 $ (1,165.4) S (1,146.5) $ 565.5 $ 540.8 791.3 164.9 806.1 188.4 137.5 1172 1093.7 1111.7 2,984.1 $ 2,986.1 $ Be sure to show all work Complete the following 5 questions. A. Find the common size amount of inventory for both years and comment on differences that you note. Since the company selling to retailers, does this ratio look appropriate? Answer 2019 2018 B. find the inventory turnover for both years and comment on any change. At 12/31/17, total inventory was $481.4, net Answer C. The comapany uses LIFO. What would the company have reported as inventory in in '18 & 19 had the company used the FIFO method? (LIFO reserve balances: "19-$33.8, 18-$22.6, & '17-$73.0) Answer: D. Recalculate COGS under the FIFO method. receivables turnover? Answer: E. Recalculate the inventory turnover ratios for '18 & 19 under FIFO method. What differences do you notice between the FIFO and LIFO ratios