What is the amount of the lifo reserve at the end

Assignment Help Accounting Basics
Reference no: EM131766445

Inventories are valued on a lower 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.
What is the amount of the LIFO reserve at the end of each of the two years? Enter your answers in millions. 2012 and 2011
2012
2011

Reference no: EM131766445

Questions Cloud

What is the ratio of the free-fall accelerations : The length of a seconds pendulum is 0.9927 m at Tokyo and 0.9949 m at Cambridge, England. What is the ratio of the free-fall accelerations at these two location
Discuss past and present funding for initiatives : Discuss past and present funding for initiatives that address the health issue. Include both public and private sources.
What does ptolemys map allow that the mappa mundi does not : Compare the Mappa Mundi (Map of the World) with Ptolemy's map. What does Ptolemy's map allow that the Mappa Mundi does not?
What is the horizontal pushing force required : A 100 kg crate rests on a level floor at a docking station. The coefficient of static friction is 0.944. What is the horizontal pushing force required
What is the amount of the lifo reserve at the end : What is the amount of the LIFO reserve at the end of each of the two years. Enter your answers in millions
How far out of tune is it expressed in cents : Suppose a piano string is supposed to be tuned to 440 Hz, but in reality it is tuned to 441 Hz. How far out of tune is it, expressed in cents?
Describes the basic argument of opposing viewpoints : Describes the basic issue of his or her chosen topic. Describes the basic argument of opposing viewpoints.
Prepare a schedule of future taxable and deductible amounts : Use of the depreciable assets will result in taxable amounts of $350,000 in each of next three years. Prepare schedule of future taxable and deductible amounts
Describe two goals of the civil rights movement : Describe two goals of the Civil Rights Movement, and explore the fundamental reasons these goals had limited effect during and after the 1960s.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd