What is the amount of the lifo reserve

Assignment Help Financial Accounting

Reference no: EM131222712

Reading and Interpreting Walgreen Co.'s Inventory Note Walgreen Co.’s 2012 Form 10-K includes the following in the note that summarizes its accounting policies:

Inventories

Inventories are valued on a loweWhr of last-in, first-out (LIFO) cost or market basis. At August 31, 2012 and 2011, inventories would have been greater by $1,897 million and $1,587 million, respectively, if they had been valued on a lower of first-in, first-out (FIFO) cost or market basis. As a result of declining inventory levels, the fiscal 2012 LIFO provision was reduced by $268 million of LIFO liquidation. Inventory includes product costs, inbound freight, warehousing costs and vendor allowances not classified as a reduction of advertising expense.

Required:

What is the amount of the LIFO reserve at the end of each of the two years? Enter your answers in millions.

2012 __________$ million

2011 __________$ million

Reference no: EM131222712

Questions Cloud

Determining the situational analysis : Situational analysis considers an organization's current situation through an analysis of the internal and external environments and directional strategies.

Narrative essay writing criteria : This assignment should be helpful in generating and refining topics for your upcoming Narrative essay (look ahead to the Narrative Essay writing criteria). This practice also may be helpful in future writing projects.

Explain the difference between cp and cpk : With respect to the cost of poor performance and quality, briefly explain the concepts of prevention, appraisal, internal failure, and external failure costs. How could a firm utilize these cost categories to implement to drive a lean manufacturi..

What is your initial reaction to the essay : A narrative essay should not only tell a story, but also have some larger theme or idea for the reader to take away from their experience. What was the larger theme in the essay you read? Do you think the author was successful in connecting their ..

What is the amount of the lifo reserve : Reading and Interpreting Walgreen Co.'s Inventory Note Walgreen Co.’s 2012 Form 10-K includes the following in the note that summarizes its accounting policies: What is the amount of the LIFO reserve at the end of each of the two years?

Stage a protest of the company : Mind your own business and just do your job. The company isn't breaking any laws, and if ChemTech's economic situation doesn't improve, a lot of people will be thrown out of work. Call the local environmental advocacy group and get it to stage a pr..

Discuss the unemployment rate : HI5003 Economics for Business Assignment. Discuss the unemployment rate, types, issues, and government policy of Australia and comment unemployment in various states of Australia. You need to specify in different region like NSW, WA, Tasmania, Qld ..

What feedback did you receive from your peers : What feedback did you receive from your peers? How did you use this feedback to revise your draft? How do these revisions improve your draft?

Compute the gain or loss and refunding transaction : Linda Day George Company had bonds outstanding with a maturity value of $452,900. On April 30, 2014, when these bonds had an unamortized discount of $14,100, they were called in at 105. Ignoring interest, record this refunding transaction. Ignoring i..

User Account

All Pages