Question
The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands). The company currently use LIFO method of
The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information (in thousands). The company currently use LIFO method of inventory costing.
| 2016 | 2015 | |
| Cost of sales | $1,517,397 | $1,529,527 |
| Inventories, net | 585,764 | 546,745 |
| LIFO reserve | 4,345 | 4,094 |
If Caleres had used the FIFO method of inventory costing, 2016 inventory would have been:
| $506,852 million | ||
| $590,109 million | ||
| $504,752 million | ||
| $581,419 million |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Quantitative Methods For Business
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
11th Edition
978-0324651812, 324651813, 978-0324651751
