disregard

Als industries, Incs accounting policy for inventories is as follows 1. INVENTORY VALUATION Inventories are stated at the lower of cost or market. For a portion of the Company's inventory.cost is determined using the last in first-out curomethod. For approximately 36% and 47% of the Company's inventories at September 30, 2013 and 2012. oectively, the UFO method is used to value the Company's inventories. The cast out. Omethod is used to value the remainder of the Company's inventories. UFO reene was 56522 and 58.287 in fiscal 2013 and 2012. respectively Below is a footnote extracted from the 2013 10- King in thousands 2 Ime 3. Cartillaini lan ( Amandata Yande New 1.1 LON 4 33 Answer the following questions of September 30, 2013. Deco 1.6 points What is the reported book contoreported by Aloe balance sheet 2.5 points What is the book of inventory leased O2 2.5 points What is the cost of goods the fim de 4.15 petate of Art 2013 to what it would have they had not UFO conosco 5.5 points Am Als des found UFORTO Consolidated States of Operatives (Areas desde erp per share UN Net als Codognos sold kesi Selling med Amortization of intangible (Gandalf opening ning Interest income Interest Foreign cu echipa Other one Income from coming before come tax Income tax pro Tacone from con Income from dispense Net Tranded September 2011 2012 S 1163 2.900 $7.986 A1.09 28.01S 21 12.262 . 2016 (19) 13.766 901 4) (27) 32 471 23 (16) an (375) 13.346 9168 ANN 2,061 2.758 AT6 241 S 10.234 56548 Answer the following questions as of September 30, 2013. Do not use decimals (round your answer unless otherwise stated. 1. (5 points) What is the reported book value of inventory reported by AIS on their balance sheet? 2.15 points) What the book value of inventory if the firm had used FIFO? 3.45 points. What is the cost of goods sold if the form had used FIFO? 4. (5 points) Assuming a federal tax rate of 35% did AIS pay more or less taxes in 2013 compared to what it would have paid if they had not used LIFO as a cost flow assumption for some of their inventories? By how much (enter amount only.no sign? 5. 15 points) Assume Als decides to follow IFRS under which UFO method is not allowed. Assuming a federal tax rate of 35%. what is your estimate of the total tax costs associated with switching from UFO to FIFO enter amintonly no sien? 6. (5 pointsMake the appropriate adjustments) necessary to calculate Als's inventory tumover ratio such that it is reflective of the true economics of AIS's business round your answer to two decimals only NOTE: Inventory turnover COGS / Avg, Inventory Als industries, Inc.'s accounting policy for inventories is as follows. 1. INVENTORY VALUATION Inventories are stated at the lower of cost or market. For a portion of the Company's inventory, cost is determined using the last-in, first-out ("LIFO") method. For approximately 36% and 47% of the Company's inventories at September 30, 2013 and 2012, respectively, the LIFO method is used to value the Company's inventories. The first-in, first-out ("FIFO") method is used to value the remainder of the Company's inventories. LIFO reserve was $6,522 and $8,237 in fiscal 2013 and 2012, respectively. Below is a footnote extracted from their 2013 10-K filing (in thousands): 2. laventories Inventories at September 30 consist of Raw materials and supplies Work-process Finished goods Total inventores 2013 5,9065 7,0:49 5.385 183405 2012 3.00 8.61 4061 16,587 Consolidated Statements of Operations Amounts in thousands, except per share data) Net sales Cestof goods sold Cross megin Selling general and administrative expenses Amization of intangible assets Kainon disposal of operating assets. Operating income Interest income Teterest expense Foreign currency exchange (gain) loss, net Other income, net Income from continuing rutions before income tax provision Income tax provision Income from conting operations Income from discontinued operations net of tax Net income Years Ended September 2013 2012 116.0015 102.985 873986 $1,094 28.015 2 12.262 9.906 2.076 (89) 13,766 9,021 1247 273 342 171 23 116) 14211 (3751 13.846 9,168 088 2.861 2.758 6,307 476 S 1234 65 Income from Inco e disced person met of Nei 9,758 #76 10.2345 6,307 241 6,543 Answer the following questions as of September 30, 2013. Do not use decimals (round your answer) unless otherwise stated. 1. (5 points) What is the reported book value of inventory reported by AIS on their balance sheet? 18340 2. (5 points) What is the book value of inventory if the firm had used FIFO? 26577 3. (5 points) What is the cost of goods sold if the firm had used FIFO? 4. (5 points) Assuming a federal tax rate of 35%, did AIS pay more or less taxes in 2013 compared to what it would have paid if they had not used LIFO as a cost flow assumption for some of their inventories? By how much enter amount only, no sign)? 5. (5 points) Assume AIS decides to follow IFRS under which LIFO method is not allowed. Assuming a federal tax rate of 35%, what is your estimate of the total tax costs associated with switching from LIFO to FIFO enter amount only.no sigo 2 6. (5 points)Make the appropriate adjustment(s) necessary to calculate AIS'S inventory turnover ratio such that it is reflective of the true economics of AIS's business (round your answer to two decimals only) NOTE: (Inventory turnover - COGS / Avg. Inventory Als industries, Incs accounting policy for inventories is as follows 1. INVENTORY VALUATION Inventories are stated at the lower of cost or market. For a portion of the Company's inventory.cost is determined using the last in first-out curomethod. For approximately 36% and 47% of the Company's inventories at September 30, 2013 and 2012. oectively, the UFO method is used to value the Company's inventories. The cast out. Omethod is used to value the remainder of the Company's inventories. UFO reene was 56522 and 58.287 in fiscal 2013 and 2012. respectively Below is a footnote extracted from the 2013 10- King in thousands 2 Ime 3. Cartillaini lan ( Amandata Yande New 1.1 LON 4 33 Answer the following questions of September 30, 2013. Deco 1.6 points What is the reported book contoreported by Aloe balance sheet 2.5 points What is the book of inventory leased O2 2.5 points What is the cost of goods the fim de 4.15 petate of Art 2013 to what it would have they had not UFO conosco 5.5 points Am Als des found UFORTO Consolidated States of Operatives (Areas desde erp per share UN Net als Codognos sold kesi Selling med Amortization of intangible (Gandalf opening ning Interest income Interest Foreign cu echipa Other one Income from coming before come tax Income tax pro Tacone from con Income from dispense Net Tranded September 2011 2012 S 1163 2.900 $7.986 A1.09 28.01S 21 12.262 . 2016 (19) 13.766 901 4) (27) 32 471 23 (16) an (375) 13.346 9168 ANN 2,061 2.758 AT6 241 S 10.234 56548 Answer the following questions as of September 30, 2013. Do not use decimals (round your answer unless otherwise stated. 1. (5 points) What is the reported book value of inventory reported by AIS on their balance sheet? 2.15 points) What the book value of inventory if the firm had used FIFO? 3.45 points. What is the cost of goods sold if the form had used FIFO? 4. (5 points) Assuming a federal tax rate of 35% did AIS pay more or less taxes in 2013 compared to what it would have paid if they had not used LIFO as a cost flow assumption for some of their inventories? By how much (enter amount only.no sign? 5. 15 points) Assume Als decides to follow IFRS under which UFO method is not allowed. Assuming a federal tax rate of 35%. what is your estimate of the total tax costs associated with switching from UFO to FIFO enter amintonly no sien? 6. (5 pointsMake the appropriate adjustments) necessary to calculate Als's inventory tumover ratio such that it is reflective of the true economics of AIS's business round your answer to two decimals only NOTE: Inventory turnover COGS / Avg, Inventory Als industries, Inc.'s accounting policy for inventories is as follows. 1. INVENTORY VALUATION Inventories are stated at the lower of cost or market. For a portion of the Company's inventory, cost is determined using the last-in, first-out ("LIFO") method. For approximately 36% and 47% of the Company's inventories at September 30, 2013 and 2012, respectively, the LIFO method is used to value the Company's inventories. The first-in, first-out ("FIFO") method is used to value the remainder of the Company's inventories. LIFO reserve was $6,522 and $8,237 in fiscal 2013 and 2012, respectively. Below is a footnote extracted from their 2013 10-K filing (in thousands): 2. laventories Inventories at September 30 consist of Raw materials and supplies Work-process Finished goods Total inventores 2013 5,9065 7,0:49 5.385 183405 2012 3.00 8.61 4061 16,587 Consolidated Statements of Operations Amounts in thousands, except per share data) Net sales Cestof goods sold Cross megin Selling general and administrative expenses Amization of intangible assets Kainon disposal of operating assets. Operating income Interest income Teterest expense Foreign currency exchange (gain) loss, net Other income, net Income from continuing rutions before income tax provision Income tax provision Income from conting operations Income from discontinued operations net of tax Net income Years Ended September 2013 2012 116.0015 102.985 873986 $1,094 28.015 2 12.262 9.906 2.076 (89) 13,766 9,021 1247 273 342 171 23 116) 14211 (3751 13.846 9,168 088 2.861 2.758 6,307 476 S 1234 65 Income from Inco e disced person met of Nei 9,758 #76 10.2345 6,307 241 6,543 Answer the following questions as of September 30, 2013. Do not use decimals (round your answer) unless otherwise stated. 1. (5 points) What is the reported book value of inventory reported by AIS on their balance sheet? 18340 2. (5 points) What is the book value of inventory if the firm had used FIFO? 26577 3. (5 points) What is the cost of goods sold if the firm had used FIFO? 4. (5 points) Assuming a federal tax rate of 35%, did AIS pay more or less taxes in 2013 compared to what it would have paid if they had not used LIFO as a cost flow assumption for some of their inventories? By how much enter amount only, no sign)? 5. (5 points) Assume AIS decides to follow IFRS under which LIFO method is not allowed. Assuming a federal tax rate of 35%, what is your estimate of the total tax costs associated with switching from LIFO to FIFO enter amount only.no sigo 2 6. (5 points)Make the appropriate adjustment(s) necessary to calculate AIS'S inventory turnover ratio such that it is reflective of the true economics of AIS's business (round your answer to two decimals only) NOTE: (Inventory turnover - COGS / Avg. Inventory