{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-22T07:07:06-04:00", "answer_date": "2024-05-22 07:07:06", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1499591", "url": "\/study-help\/questions\/problems-60-marks-show-all-the-calculation-steps-problem-1-1499591", "question_creation_date_js": "2024-05-22T07:07:06-04:00", "question_creation_date": "May 22, 2024 07:07 AM", "meta_title": "[Solved] PROBLEMS (60 MARKS) (Show all the calcula | SolutionInn", "meta_description": "Answer of - PROBLEMS (60 MARKS) (Show all the calculation steps) PROBLEM 1 BigBook.Com uses LIFO inventory accounting. Notes to Bi | SolutionInn", "meta_keywords": "problems,60,marks,show,calculation,steps,problem,1,bigbook,lifo,inventory,accounting", "question_title_h1": " PROBLEMS (60 MARKS) (Show all the calculation steps) PROBLEM 1 BigBook.Com uses LIFO inventory accounting. Notes to BigBook.Com's Year 9 financial statements disclose the", "question_title": " PROBLEMS (60 MARKS) (Show all the calculation steps) PROBLEM 1 BigBook.Com", "question_title_for_js_snippet": "PROBLEMS (60 MARKS) (Show all the calculation steps) PROBLEM 1 BigBook Com uses LIFO inventory accounting Notes to BigBook Com's Year 9 financial statements disclose the following (it has a marginal tax rate of 35 ) Inventories Year 8 Year 9 Raw materials $392 675 $369,725 Finished products 401 342 377,104 794 017 746,829 Less LIFO reserve (46,000) (50,000) $748 017 $696,829 a Determine the amount by which Year 9 retained earnings of BigBook Com changes if FIFO is used (7 marks) b Determine the amount by which Year 9 net income of BigBook Com changes if FIFO is used for both Years 8 and 9 (7 marks) c Discuss the usefulness of LIFO to FIFO restatements in an analysis of BigBook Com (6 marks)", "question_description": "\"image", "transcribed_text": "PROBLEMS (60 MARKS) (Show all the calculation steps) PROBLEM 1 BigBook.Com uses LIFO inventory accounting. Notes to BigBook.Com's Year 9 financial statements disclose the following (it has a marginal tax rate of 35%); Inventories Year 8 Year 9 Raw materials.. $392.675 $369,725 Finished products 401.342 377,104 794.017 746,829 Less LIFO reserve... (46,000) (50,000) $748.017 $696,829 a. Determine the amount by which Year 9 retained earnings of BigBook.Com changes if FIFO is used. (7 marks) b. Determine the amount by which Year 9 net income of BigBook.Com changes if FIFO is used for both Years 8 and 9. (7 marks) c. Discuss the usefulness of LIFO to FIFO restatements in an analysis of BigBook.Com. (6 marks)", "related_book": { "title": "Cost Accounting A Managerial Emphasis", "isbn": "978-0132960649, 132960648, 132109174, 978-0132109178", "edition": "14th Edition", "authors": "Charles T. Horngren, Srikant M.Dater, George Foster, Madhav", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/58.jpg", "uri": "\/textbooks\/cost-accounting-a-managerial-emphasis-14th-edition-58", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CS9B8RB3", "uri": "\/textbooks\/osmoprep-drug-profile-2024-osmoprep-drug-patents-fda-exclusivity-business-intelligence-reports-1st-edition-979-8875801389-263264", "name": "Osmoprep Drug Profile 2024 Osmoprep Drug Patents Fda Exclusivity Business Intelligence Reports", "edition": "1st Edition" }, "question_posted": "2024-05-22 07:07:06", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/linking-every-transport-stakeholder-together-and-ensuring-seamless-travel-across-710937", "description": "Linking every transport stakeholder together and ensuring seamless travel across Europe is a dream. 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