Required 1 Required 2 Required 3What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? (Enter youranswer in millions.)Reported ending inventorymillion The following note was contained in a recent Ford Motor Company annual report:NOTE 8. INVENTORIES AUTOMOTIVE SECTORInventories at December 31 were as follows (dollars in millions)Raw material, work in process, & suppliesFinished productsTotal inventories at FIFOLess LIFO AdjustmentTotalCurrent Year$ 2,8473,9826,829(928)$ 5,901PreviousYear$ 2,8123,9706,782(865)$ 5,917About one-third of inventories were determined under the last-in, first-out method.Required:1. What amount of ending inventory would have been reported in the current year if Ford had used only FIFO?2. The cost of goods sold reported by Ford for the current year was $113,345 million. Determine the cost of goods sold thatwould have been reported if Ford had used only FIFO for both years.3. To lower the cash outflows for taxes, which of the following should the Ford management choose to use for certain of itsinventories when the costs are rising?

Name: Required 1 Required 2 Required 3What amount of ending inventory would
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Description: Required 1 Required 2 Required 3What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? (Enter youranswer in millions.)Reported ending inventorymillion The following note was contained in a recent For

If Ford had only used FIFO, ending inventory in the current year would have been $6829 million

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Required 1 Required 2 Required 3 What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? (Enter your answer in millions.) Reported ending inventory million

Required 1 Required 2 Required 3 What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? (Enter your answer in millions.) Reported ending inventory million

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following note was contained in a recent Visions Motor Company annual report: NOTE 8. INVENTORIES-AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in millions) Previous Current Year Year Raw material, work in process, & supplies Finished products Total inventories at FIFO $ 3,046 6,533 9,579 (1,180) $ 8,399 $ 4,410 6,911 11,321 Less LIFO Adjustment (711) Total $10,610 About one-third of inventories were determined under the last-in, first-out method. Required: 1. What amount of ending inventory would have been reported in the current year if Visions had used only FIFO? 2. The cost of goods sold reported by Visions Motor Company for the current year was $127,109 million. Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. 3. To lower the cash outflows for taxes, which of the following should the Visions Motor management choose to use for certain of its inventories when the costs are rising? Complete this…
The following note was contained in a recent Visions Motor Company annual report: NOTE 8. INVENTORIES-AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in millions) Previous Year $ 4,470 Current Year Raw material, work in process, & supplies Finished products $ 3,196 6,623 6,921 Total inventories at FIFO Less LIFO Adjustment Total 9,819 (1,240) 11,391 (731) $ 8,579 $ 10,660 About one-third of inventories were determined under the last-in, first-out method. Required: 1. What amount of ending inventory would have been reported in the current year if Visions had used only FIFO? 2. The cost of goods sold reported by Visions Motor Company for the current year was $127,129 million. Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. 3. To lower the cash outflows for taxes, which of the following should the Visions Motor management choose to use for certain of its inventories when the costs are rising? Complete this…
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
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View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
The following account balances and other information were taken from the accounting records of TITAN Corporation for the year ended Dec. 31, 2021: Finished Goods, ending P 15,000; Work-in-Process, ending P 75,000; Raw Materials Inventory, ending 25,000; Net Purchases 120,000; Work-in-Process, beginning 25,000; Conversion Costs 180,000; Finished Goods, beginning 30,000; Prime Costs 245,000; Raw Materials Inventory, beginning 50,000; How much is total manufacturing cost of TITAN Corporation on Dec. 31, 2019 ?
All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
1)Coronado Industries reported the following year-end information: beginning work in process inventory, $82000; cost of goods manufactured, $760000; beginning finished goods inventory, $52000; ending work in process inventory, S72000; and ending finished goods inventory, $42000. How much is Coronado's cost of goods sold for the year? a) $760000 b) $750000 C) S770000 d) S780000
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