答案和详解如下： 1.Given the following data:
Beginning LIFO Reserve $2,300
Cost of Goods Sold (COGS) using LIFO $6,100
COGS using FIFO of $4,300 What is the Ending LIFO reserve? A) $4,100. B) $500. C) $2,300. D) $2,800. The correct answer was A) Ending LIFO Reserve = (LIFO COGS - FIFO COGS) + Beginning LIFO Reserve = (6,100 - 4,300) + 2,300 = $4,100.
2.If a company using last in, first out (LIFO) reports an inventory balance of $22,000 and a LIFO reserve of $4,000, the estimated value for the inventory on a first in, first out (FIFO) basis would be: A) $13,000. B) $18,000. C) $24,000. D) $26,000. The correct answer was D) FIFO INV = LIFO INV + LIFO Reserve
X = 22,000 + 4,000
X = 26,000 3.Given the following data during periods of rising prices and stable or increasing inventory quantities:
LIFO Inventory = $80,000
FIFO Inventory = $90,000
Retained Earnings = $125,000 When adjusting the balance sheet from (LIFO) to (FIFO), approximately what is the percentage change in retained earnings? A) 8.00%. B) -12.50%. C) 12.50%. D) -8.00%. The correct answer was A) The difference between the two inventory methods results in a cost of goods sold of $10,000 less using FIFO since the cost of the inventory sold is cheaper than using LIFO during rising prices. The percentage change in retained earnings = (10,000/125,000) x 100 = 8.00%.
4.First in, first out (FIFO) inventory equals: A) LIFO inventory + LIFO reserve. B) the change in LIFO reserve - LIFO ending reserve. C) LIFO cost of goods sold - changes in LIFO reserve. D) LIFO profit + (change in LIFO reserve)(1 - t). The correct answer was A) To convert LIFO inventory balances to a FIFO basis, simply add the LIFO reserve to the LIFO inventory: INVF = INVL + LIFO Reserve
5.The year-end financial statements for a firm using last in first out (LIFO) acounting show an inventory level of $5,000, cost of goods sold (COGS) of $16,000, and inventory purchases of $14,500. If the LIFO reserve is $4,000 at year-end and was $1,500 at the beginning of the year, what would the COGS have been using FIFO accounting? A) $18,500. B) $11,000. C) $12,000. D) $13,500. The correct answer was D) COGS from LIFO to FIFO: COGSF = COGSL - change in LIFO reserve
= COGSL - (LIFO reserveE - LIFO reserveB)
= $16,000 - ($4,000-$1,500)
= $16,000 - $2,500
= $13,500 | 
发表于 2008-4-14 10:50
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