Question
Use the following information for Concord Corporation, Tamarisk, Inc., Danforth Industries, and Evans Services to answer the question What is Danforth's LIFO reserve for 2017?
Use the following information for Concord Corporation, Tamarisk, Inc., Danforth Industries, and Evans Services to answer the question What is Danforth's LIFO reserve for 2017?
(amounts in $ millions) | Concord | Tamarisk | Danforth | Evans |
---|---|---|---|---|
Inventory Method for 2016 & 2017 | LIFO | FIFO | LIFO | FIFO |
2016 Ending inventory assuming LIFO | $334 | 0 | $232 | 0 |
2016 Ending inventory assuming FIFO | $433 | $543 | $301 | $658 |
2017 Ending inventory assuming LIFO | $425 | 0 | $158 | 0 |
2017 Ending inventory assuming FIFO | $577 | $614 | $222 | $540 |
2016 Current assets (reported on balance sheet) | $1687 | $2044 | $1305 | $2753 |
2016 Current liabilities | $992 | $1212 | $533 | $1209 |
2017 Current assets (reported on balance sheet) | $2237 | $2612 | $1091 | $2392 |
2017 Current liabilities | $1298 | $1423 | $458 | $1013 |
2017 Cost of goods sold | $4679 | $5038 | $2994 | $6997 |
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