Windsor, Inc. had the following inventory transactions occur during 2022 Units Cost/unit Feb. 1, 2022 Mar. 14.2022 May 1, 2022 Purchase Purchase Purchase 93 160 114 $39 $40 $42 The company sold 263 units at $54 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? $3755 $3454 $10748 510447 The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as the LIFO reserve. periodic reserve. inventory reserve. FIFO reserve. The LIFO reserve is the amount used to adjust inventory to historical cost. the difference between the value of the inventory under LIFO and the value under FIFO. an amount used to adjust inventory to the lower of cost or market. the difference between the value of the inventory under LIFO and the value under average cost. Use the following information for Marigold Corp. Nasly's Trading Post, Blue Spruce Industries, and Maria Services to answer the question "Using the LIFO reserve adjustment, which company would have the strongest liquidity position for 2022 as expressed by the current ratio?" UFO FIFO (amounts in $ millions) Inventory Method for 2021& 2022 2021 Ending inventory assuming LIFO 2021 Ending inventory assuming FIFO 2022 Ending inventory assuming LIFO 2022 Ending inventory assuming FIFO Marigold Nash's Trading Post Blue Spruce Maria LIFO FIFO $318 $420 $439 $226 $548 $65 $610 $577 $1683 2021 Current assets (reported on balance sheet) $2021 $990 $1203 $2220 $2608 $1088 2021 Current liabilities 2022 Current assets (reported on balance sheet) 2022 Current liabilities 2022 Cost of goods sold $1314 $1410 $462 $1010 $4675 $5053 $3009 $6989 Marigold Blue Spruce Maria Nash's Trading Post Use the following information for Sunland Company Sheridan Company Culver Industries, and Evans Services to answer the question "Using LIFO what is Sunland's inventory turnover for 2022 (to the closest decimal place)?" Camounts in $ millions) Inventory Method for 2021 2022 2021 Ending inventory assuming LIFO 2021 Ending inventory assuming FIFO 2022 Ending inventory assuming LIFO 2022 Ending Inventory assuming FIFO 2021 Current assets (reported on balance sheet) 2021 Current liabilities 2022 Current assets (reported on balance sheet) 2022 Current liabilities 2022 Cost of goods sold Sunland Sheridan Culver Evans LIFO FIFO LIFO FIFO $344 $237 0 $417 $549 $320 $669 $4240 $181 - 0 $594 $636 $219 $518 $1669 $2049 $1322 $2766 $1013 $1229 $547 $1222 $2239 $2621 $1098 $2416 $1316 $1420 $443 $1018 $4704 $5040 $3020 $6992 12.3 times 75 times 9.3 times 0 6.4 times Use the following information for Sheridan Company, Blue Spruce Corp. Concord Industries, and Evans Services to answer the question 'Using the LIFO adjustment, which company shows the greatest improvement in its current ratio from 2021 to 2022?" (amounts in 5 millions) Inventory Method for 2022 & 2021 2021 Ending inventory assuming LIFO 2021 Ending inventory assuming FIFO 2022 Ending inventory assuming LIFO 2022 Ending inventory assuming FIFO 2021 Current assets (reported on balance sheet) Sheridan LIFO $322 $431 5449 $569 Blue Spruce Concord Evans FIFO L IFO FIFO 0 $236 $523 $318 $672 0 $163 0 $619 $214 $546 $2033 $1319 $2758 $1221 $555 $1194 2021 Current liabilities 2022 Current assets reported on balance sheet) $1668 $984 $2212 $1294 $1092 $2400 $2598 $1402 $5037 2022 Crrent liabilities 2022 Cost of goods sold $478 $1008 $4666 $2998 $7006 Evans Sheridan Blue Spruce Concord Which of the following should not be included in the physical inventory of a company? . Goods held on consignment from another company. Goods in transit from another company shipped FOB shipping Goods shipped on consignment to another company, All of these answer choices should be included. When is a physical inventory usually taken? When the company has its greatest amount of inventory and at the end of the company's fiscal year. . At the end of the company's fiscal year. When the company has its greatest amount of inventory, When goods are not being sold or received
