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please answer all 3!! will vote thumbs up Assume that Barber Co. uses the LIFO inventory costing method for both tax and financial reporting purposes.
please answer all 3!! will vote thumbs up
Assume that Barber Co. uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories at $297 million. Then, in its footnotes, the company reports that inventories would have been $327 million had the company used the FIFO method. The difference between these two numbers ($30 million) is referred to as: Select one: O A. LIFO reserve B. LIFO conformity rule C. LIFO holding gain D. Inventory temporary difference E. None of the above Organic Markets reports operating lease information in its 2016 annual report (in millions). You determine that a discount rate of 6.0% is appropriate for Organic Markets and calculate the following. What economic liability is potentially left off Organic Markets' balance sheet? Note: Round the remaining lease term to the nearest whole year, using the final lease payment provided as an estimate of annual future payments. Year 2017 2018 2019 2020 2021 Thereafter Minimum operating lease payments $650 7831 836 852 854 9,728 $13,703 Select one: O a. $10,183 million. b. $8,358 million c. $10,060 million. d. $13,703 million (3) Nevada, Inc. reported the following items in the 2017 pension footnote (in millions). Service cost Benefits paid to retirees Interest cost Actual returns on invested assets Expected returns on invested assets Actuarial loss The increase in the company's pension obligation during the year is: Select one: O O O O $1,757 279 1395 1,806 2,037 75 a. $2,873 million b. $2,798 million c. $2,948 million d. $1,142 million e. $911 million Step by Step Solution
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