Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The inventories disclosure note in the 2017 financial statements for Publix Super Markets, a large grocery chain in the United States, included the following: Inventories

The inventories disclosure note in the 2017 financial statements for Publix Super Markets, a large grocery chain in the United States, included the following:

"Inventories are valued at the lower of cost or market. The dollar value last-in, first-out (LIFO) method was used to determine the cost for 85% and 83% of inventories as of December 30, 2017 and December 31, 2016, respectively. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $464,888,000 and $441,860,000 as of December 30, 2017 and December 31, 2016, respectively. " Cost of goods sold for the fiscal year ended December 31, 2017 was $ 25,129,717,000.

Required: If Publix had used FIFO for all of its LIFO inventories, what would its cost of goods sold have been for 2017?

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

Step: 3

blur-text-image

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

Auditing And Assurance Services

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan

16th Global Edition

1292147989, 978-1292147987

More Books

Students also viewed these Accounting questions

Question

=+How can I use it in a new way?

Answered: 1 week ago

Question

=+2. Do they use a similar tone of voice and point of view?

Answered: 1 week ago