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The following table contains data obtained from annual reports of SR, a shoe manufacturer and retailer: Years ended December 31 (in $thousands) 2008 2009 2010
LIFO Liquidation $,973 $3,337 $5,890 Required: a. Compute the gross margin percentage for each year 2008-2010. b. SR disclosed the effect of LIFO liquidations net of income tax. Assuming a tax rate of 35%, recompute SR's gross margin for the years 2008-2010 after removing the effect of LIFO liquidation. (Hint: This means that COGS presented in template is determined after reflecting the effect of before-tax LIFO liquidation) c. Explain why the trend in gross margins shown in part b is a better indicator of SR's performance than the reported gross margins in part.
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per the text a u.s. parent company doesnt include the income of the foreign subsidiary till the income is repatriated
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standard quantity standard price standard or hours or rate cost direct materials ? 6 per yard ? direct labor ? ? ?
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