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Accounting & Financial Reporting Assignment Questions and Answers

Accounting & Financial Reporting Assignment Solutions

 

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These questions to be answered:

 

  1. What was the cost of goods sold in 2007?

 

  1. KC uses multiple cost flow assumptions to value its inventories. What are these cost flow assumptions?

 

  1. What percentage of the book value of inventories at the end of 2007 was valued on a FIFO basis?

 

  1. Estimate the cost of goods finished in 2007. Ignore the LIFO reserve that is, use the inventory value for finished goods as it is reported in the footnote at the beginning and the end of the year.

 

  1. Again, ignoring the LIFO reserve and using your answer to Question 4, estimate the total of additions to the work in process inventory account in 2007.

 

  1. Ignoring the LIFO reserve and assuming KC purchased raw materials and supplies costing $4,500 million in 2007, estimate: (i) the cost of raw materials and supplies transferred to production departments in 2007; (ii) payments to suppliers in 2007, assuming all Accounts Payable relate to inventory purchases Hint: combine “raw materials” and “supplies and others” and treat it as one account.

 

  1. If KC had used FIFO to value all its inventories (instead of a mix of LIFO and FIFO), what would have been the value of total inventories at the end of 2007?

 

  1. Estimate COGS in 2007 if KC had used FIFO to value all its inventories.

 

  1. Assuming a 35% tax rate, estimate KC’s net income in 2007 had it used FIFO to value all its inventories. Is this income number higher or lower than under LIFO? Comment.

 

  1. Assuming a 35% tax rate, estimate the cumulative amount of income taxes deferred (postponed) and not yet paid by KC over time due to the use of LIFO.

 

  1. For KC, the impact on inventory and COGS from using LIFO vs. FIFO is not very large. When would you expect this choice to have a significant impact?

 

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