答案和详解如下： 26.Granulated Corp. uses the last in, first out (LIFO) inventory cost flow assumption. Selected information from Granulated’s financial statements for the years ended December 31, 2003 and 2004 was as follows (in $): | 2003 | 2004 | Beginning Inventory | 4,375,000 | 5,525,000 | Purchases | 10,200,000 | 11,300,000 | Ending Inventory | 5,525,000 | 6,100,000 | Beginning LIFO Reserve | 825,000 | 975,000 | Ending LIFO Reserve | 975,000 | 1,125,000 |
If Granulated changed from LIFO to FIFO for 2004, Granulated’s Cost of Goods Sold in 2004 under FIFO would be: A) $10,575,000. B) $11,850,000. C) $9,600,000. D) $10,325,000. The correct answer was A) Granulated’s 2001 LIFO cost of goods sold (beginning inventory plus purchases less ending inventory) was ($5,525,000 + $11,300,000 - $6,100,000 =) $10,725,000. To convert to FIFO the LIFO cost of goods sold would be reduced by the increase in the LIFO reserve during 2001 ($1,125,000 - $975,000 =) $150,000. The FIFO cost of goods sold in 2001 was ($10,725,000 - $150,000 =) $10,575,000.
27.Calgary Catering uses the LIFO method of inventory accounting for tax purposes and the FIFO method for financial statement purposes. As of the end of this fiscal year, the ending LIFO inventory balance was CAD 2,500 (amounts are in thousands of Canadian Dollars) and the tax rate is 30 percent. In addition the retained earnings on the financial statements (as of year-end) are CAD 315 higher than the retained earnings on the statements used to prepare the tax returns. Which of the following statements is most accurate? On the financial statements, ending inventory is approximately: A) CAD 3,350 and the inventory impact on the deferred tax liability is an increase of approximately CAD 315. B) CAD 2,950 and the inventory impact on the deferred tax asset is an increase of approximately CAD 135. C) CAD 2,950 and the inventory impact on the deferred tax liability is an increase of approximately CAD 135. D) CAD 2,050 and the inventory impact on the deferred tax liability is an increase of approximately CAD 315. The correct answer was C) To calculate the financial statement (FIFO) ending inventory, we need to determine the LIFO reserve. Since we are given the retained earnings difference between the two methods, we can manipulate the equation: retained earnings difference = LIFO Reserve * (1 – tax rate) as: LIFO Reserve = retained earnings difference / (1 – tax rate) = 315 / (1 – 0.3) = 450
Then, FIFO ending inventory = LIFO ending inventory + LIFO reserve = 2,500 + 450 = 2,950 The impact on the deferred tax liability = LIFO reserve * tax rate = 450 * 0.3 = 135 | 
发表于 2008-4-14 10:58
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