Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer asap Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29. 2025 , of $44,935,000

please answer asap
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29. 2025 , of $44,935,000 under the LIFO inventory method. In the notes to its financial statements, assume Winnebago reported a LIFO reserv of $29,474,000 at August 29,2025 . What would Winnebago Industries ending inventory have been if it had used FIFO? Ending inventory assuming FIFO Assume that a physical count of Adidas AG's inventory at year-end determined that inventory on hand had a value of $1,600,000. Upon further investigation, it was determined that this amount included the following: 1. An inventory purchase of $50,000 made by Adidas shipped from Amazon on December 28 with terms FOB destination, but no due to be received until January 3. 2. Goods shipped to a customer with a cost of $70,000 with terms FOB destination on December 29 , but not expected to reach their destination until January 3. 3. Goods shipped to a customer with a cost of $4,000 with terms FOB shipping point on December 30 , but not expected to reac their destination until January 5. 4. Goods held on consignment from Lock Laces Company with a cost $15,000. Compute the amount that should be reported for inventory on Adidas AG's balance sheet at December 31. Determine net income under each approach. Assume a 30% tax rate. The management of Milque Corp. is considering the effects of various inventory-costing methods on its financial statements and its income tax expense. Assuming that the cost the company pays for inventory is increasing, which method will: In its first month of operations, Blue Spruce Company made three purchases of merchandise in the following sequence: (1) 210 units at $5, (2) 285 units at \$7, and (3) 385 units at \$8. Assurning there are 230 units on hand, compute the cost of the ending inventory under (1) the FIFO method and (2) the LFO method. Blue Spruce uses a periodic inventory system. Cost of Ending Inventory-FIFO Cost of Ending Inventory-LIFO Suppose at December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley. Inc: ending inventory $165,000, beginning inventory $121,000, cost of goods sold $346,060, and sales revenue $762,000. (a1) Calculate the inventory turnover for Oakley, Inc. (Round inventory turnover to 2 decimal places, es. 5.12.) Inventory turnover times Starbucks sells coffee beans, which are sensitive to price fluctuations. Suppose the following inventory information is available for this product at December 31, 2025. Calculate Starbucks' inventory by applying the lower-of-cost-or-net realizable value basis. For each of the following cases, state whether the statement is true for LIFO or for FIFO. Assume that prices are rising. a. Results in a higher quality of earnings ratio. b. Results in higher phantom profits. c. Results in higher net income. d. Results in lower taxes. e. Results in lower net cash provided by operating activities. The following comparative information is available for Sandhill Company for 2025

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Modeling

Authors: Simon Benninga

3rd Edition

0262026287, 9780262026284

More Books

Students also viewed these Accounting questions

Question

=+1. Who will receive the final evaluation?

Answered: 1 week ago