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Can I get help with this question? Ill upvote if the answer is correct :) Thank you in advance! for the 2nd question i got
Can I get help with this question? Ill upvote if the answer is correct :) Thank you in advance! for the 2nd question i got 7.5m could u check that to please? An excerpt from the balance sheet of Knight Inc. is as follows: Dec 31, 2018 Dec 31, 2012 Inventory $32,000,000 $ 35,000,000 In the notes to the financial statements, Knight Inc's Inventory Footnote appeared as follows: "The Inventory numbers presented on the balance sheet are compiled on a LIFO basis. Under the LIFO method, the cost assigned to items sold is based on the cost of the most recent items purchased. As a result, the costs of the first items purchased remain in inventory and are used to value ending inventory. The excess of estimated current costs over LIFO carrying value, or LIFO reserve, was $12,000,000 and $17,000,000, respectively." Assume that Knight Inc. paid corporate income tax at a rate of 20% in all years since the firm began operations. Determine the cumulative savings of income taxes that Knight Inc. has enjoyed as a result of using LIFO rather than FIFO. O $10.400,000 None of other answer choices is correct $1.000.000 $3,400,000 Shining Shoes Inc. is a large retail chain with 100 stores nationwide, specializing in selling winter boots. While cost per a pair of boots is $150, selling price is only $75 due to climate change. Additional information is also provided on December 31, 2020 [year-end). Units (pairs) - 100.000 Replacement cost per unit - $70 Costs to sell per unit = $15 Normal profit margin per unit - $20 Calculate the amount of inventory write-down (if any) that Shining Shoes Inc. will include on its 2020 income statement if Kyle Inc, applies Lower of Cost or Net Realizable Value $7.500.000 No inventory write down is necessary $9,000,000 None of other answer choices is correct
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Thank you in advance! for the 2nd question i got 7.5m could u check that to please?
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