答案和详解如下： 16.The following information has been gathered about a firm:
LIFO inventory = $10,000
Beginning LIFO reserve = $2,500
Ending LIFO reserve = $4,000
LIFO Cost of goods sold = $15,000
LIFO net income = $1,500
Tax rate is 40% What is the FIFO COGS? A) $16,500. B) $13,500. C) $11,000. D) $19,000. The correct answer was B) FIFO COGS = LIFO COGS – change in LIFO reserve = $15,000 – (4,000 - 2,500) = $13,500
17.The following information has been gathered about a firm:
LIFO inventory = $10,000
Beginning LIFO reserve = $2,500
Ending LIFO reserve = $4,000
LIFO Cost of goods sold = $15,000
LIFO net income = $1,500
Tax rate is 40% What is the FIFO net income? A) $2,400. B) $4,000. C) $2,800. D) $1,500. The correct answer was A) FIFO net income = LIFO net income + (change in LIFO reserve)(1-t) = $1,500 + (4,000 - 2,500)(1-0.4) = $2,400
18.GR Corporation uses the last-in, first out (LIFO) method of accounting for inventory and $70,000 is reported as cost of goods sold (COGS) on their income statement. However, if GR had used first-in, first-out (FIFO), the COGS would have been $60,000. If the ending LIFO reserve (LR) reported in the financial statements is $40,000, the beginning LIFO reserve is: A) $50,000. B) $20,000. C) $30,000. D) $0. The correct answer was C) Beginning LR + ΔLR = Ending LR ΔLR = COGS(LIFO) – COGS(FIFO) = $70,000 – 60,000 = $10,000 Beginning LR = $40,000 – 10,000 = $30,000
19.Brigham Corporation uses the last-in, first-out (LIFO) method of accounting for inventory. For the year 2005, the following is provided:
Cost of goods sold (COGS): $24,000
Beginning inventory: $6,000
Ending Inventory: $7,500
The notes accompanying the financial statements indicate that the LIFO reserve at the beginning of the year was $2,250 and at the end of the year was $6,000. If Brigham had used first-in, first-out (FIFO), the cost of goods sold for 2005 would be: A) $20,250. B) $3,750. C) $16,500. D) $29,250. The correct answer was A) FIFO COGS = LIFO COGS - change in LIFO reserve. Therefore, $24,000 – ($6,000 – 2,250) = $20,250.
20.The formula to convert cost of goods sold (COGS) from last in, first out (LIFO) to first in, first out (FIFO) is: A) COGS FIFO = COGS LIFO – increase in the LIFO reserve. B) COGS FIFO = COGS LIFO + beginning LIFO reserve. C) COGS FIFO = COGS LIFO – beginning LIFO reserve. D) COGS FIFO = COGS LIFO – decrease in the LIFO reserve. The correct answer was A) The formula for converting COGS from LIFO to FIFO is COGSF = COGSL-(LIFO reserveE - LIFO reserveB) | 
发表于 2008-4-14 10:55
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