Premium Essay


In: Business and Management

Submitted By janna777
Words 256
Pages 2
1a. COGS = 56,930, 66,240, and 66,385 respectively; YE inventory = 21,620, 23,130, and 27,720 resepctively.

1b. COGS = 58,150, 67,320, and 67,600 respectively; YE inventory = 20,400, 20,830, and 24,205 respectively.

1c. COGS = 57,685, 66,246, and 66,513 respectively; YE inventory = 20,865, 22,369, and 26,830 respectively.

2. Tax savings= 488 for 2000, 432 for 2001, and 486 for 2002. Changing to LIFO will defer taxes given the current expectations.

3. The effect of remaining on LIFO in this situation is that pre-tax income for 2003 will be higher by $1,915 and, therefore result in higher tax for thie year of $766. That still results in a net deferral from inception.

4. LIFO reserve in 2000 = $1,220. LIFO reserve in 2001= $2,300. The LIFO reserve is the cumulative deferred income due to using LIFO instead of FIFO. The LIFO reserve increased by $1,080 in 2001. This reflects the income deferral for 2001.

5. There are a couple of reasons that some companies did not switch to LIFO. There are additional costs involved in computing LIFO inventory and maintaining the records necessary to substantiate the calculations for the IRS. In addition, there is a LIFO conformity rule - financial statements must reflect the same LIFO adjustments as the tax return. Because of that, switching to LIFO would cause the income reported on the financial statements to show a lower net income and many companies do not want to do...

Similar Documents

Free Essay

Lewis Carroll

...LEWIS CARROLL An author, a mathematician, a photographer of the Victorian era, the one who wrote ‘Alice in Wonderland,’ and the sequel ‘Through the Looking Glass’. Charles Lutwidge Dodgson also referred to as Lewis Carroll (1832-1898) is the man who knows how to entertain and express his feelings though powerful words. Sir Carroll was born on 27 January in Cheshire as being the youngest sibling in the family; was exposed to magic tricks, marionette shows and poems written for homemade newspapers. Lewis Carroll attended Rugby School from 1846-1859, he graduated from Christ Church College, Oxford in 1854. Carroll remained in the college and started lecturing on mathematics, writing treatises and guides for students. In later life Sir Carroll was described as asymmetrical as he was carrying himself stiffly. He was challenged with a knee injury sustained in middle age, as a very young child he suffered from a fever that left him deaf in one ear. He also went through a severe attack of whooping cough that resulted in a weak chest in later life. From a young age, Lewis Carroll wrote poetry and short stories this work was sent to various magazines. Between 1854 and 1856, his poetry and short stories appeared in the national publication, ‘The Comic Times’ and, ‘The Train’ as well as a few other smaller magazines. Most of this work was humorous, sometimes mocking but his standards and ambitions were set up high. “Always speak the truth, think before you speak, and write it...

Words: 342 - Pages: 2

Free Essay

Cs Lewis

...The Time Of Narnia Sam Duncan . C.S. Lewis had a very happy and carefree childhood. Thankfully, his only little problem was people persistantly called him C.S. Lewis but he really wanted to be called Jack. He lived in a huge house in the town of Belfast, which is in Ireland. Jack and his older brother Warren spent their time romping around in their beautiful garden outside the house. When they were not out, Jack was in the library happily reading. This might not have been as happy and carefree to most people, but Jack loved it. Even though Jack had a happy childhood, his happiness came to an end. Tragiclly, his mother sadly passed away after being very ill in 1908. As if that was not bad enough, Jack and Warren had to go away to boarding school in England only a month after their mother's death. Jack hated this school because all of...

Words: 324 - Pages: 2

Free Essay

Cs Lewis

...Clive Staples Lewis “I want God, you, all my friends, merely to serve my turn.’ (As the Ruin Falls) C.S. Lewis was an atheist his whole life but became a very strong believer of God when he grew older. He wrote “After Prayers Lie Cold” and “As the Ruin Falls” about searching for God, love and happiness. Lewis’ mother died in 1908 when Lewis was only ten years old. His father was never the same after she passed away. Around that time Lewis and his brother were enrolled in boarding school. While at boarding school Lewis became an atheist, which changed his life drastically. During World War I Lewis became very close friends with a man named Paddy Moore. Sadly, Paddy died fighting in the war. Soon after that, Lewis was wounded and was discharged. When Lewis returned home he followed up on a promise that he had made to Paddy that he would take care of Paddy’s mother and sister. Mrs. Moore treated Lewis like a son. Lewis bought a house which he lived in with Paddy’s family up until Mrs. Moore died and his sister was old enough to get along on her own. (About C.S. Lewis) In 1939 during World War II Lewis and his brother took in children from London seeking refuge from bombings. During that time Lewis wrote one of his greatest books called “The Screwtape Letters”. It was one of Lewis’ best books, but he admits that it was difficult to write. The book was Lewis’ first Christian success. It portrays a person trying to live a Christian life with temptations as seen from the......

Words: 859 - Pages: 4

Premium Essay

Lewis and Clark

...Jimmie Hill A.P U.S History Mr. Peterson 9/5/12 Lewis and Clark exploration American history is accompanied by a long list of explorers who first discovered and who explored the massive continent. All of the explorers had an impact on the development of America. The Lewis and Clark expedition, also known as the Corps of Discovery, stands prominently at the top part of this list. The Lewis and Clark Expedition has had a significant political, social, and economic effect on America. They were the first to map out the west and set off westward expansion. Without the success of the expedition growth of America would have taken five times as long, as predicted by Thomas Jefferson. The Expedition had a drastic political effect on The United States of America. The area in which the expedition was to explore was very close along Spanish territory and a portion of the expedition was in Spanish territory. The Spanish government was very uneasy with the Corps advancing towards them because they thought The United States was attacking them. They dispatched a small group to intercept the Corps however they nearly missed them. Another political impact was the now issue of Indian relations. America just acquired a great deal of land that was formerly owned by Indians and they now had to explain to them that the land was no longer theirs and that they were now a part of the United States. Indian relations would be fine until they were forced to move off their land. The United......

Words: 670 - Pages: 3

Free Essay

Interpretation Arrowsmith (by Sinclair Lewis)

...Interpretation Arrowsmith (By Sinclair Lewis) Sinclair Lewis is a famous American short-story writer and playwright. He was the first among American writers to receive Nobel Prize in literature “for his vigorous and graphic art of description and his ability to create, with wit and humor, new types of characters." His satirical method is largely based upon grotesque, on a revealing detail, overstatement, understatement, paradox and irony, the works of his pen are known for their insightful and critical views on American society and capitalist values, as well as their vivid characterizations of modern working women. The excerpt under analysis is dedicated to the description of the college life of an American student Martin Arrowsmith. The fragment speaks volumes about a number of problems that used to exist in the contemporary US society, the society of the beginning of the 20th century. In particular, the imperfection of the system of higher education, what the author vividly highlights by the use of irony in the description of the University Martin, the protagonist, studies at, expressly making it look like an advertisement, with all the impudence and vainglory typical of the educational establishments of renown (“beside this prodigy, Oxford is a tiny theological school and Harward – a select college for gentlemen”). Along with this, Sinclair Lewis emphasizes the role of fraternities in the life of common US college student, putting a considerable stress......

Words: 868 - Pages: 4

Free Essay

Lewis and Clark in Montana

...Name: Course: Instructor: Date: Lewis and Clark Expedition in Montana William Clark in December 1803 built the River Dubois Camp on the along river Wood. The camp was set at Rivers Missouri’s and Mississippi’s confluence in Missouri just north of St. Louis. In addition, the camp was at just across River Dubois in Illinois. Clark took up the training of the severally different volunteer men who put themselves forward to undertake the expedition into the Pacific. Therefore, William Clark was keen to make an efficient and useful team from the goons, savages laypeople who had volunteered (Kern, 672). This team was identified as the Corps of Discovery, a sentry sent by President Thomas Jefferson to explore the source of the river and possible navigation into the Pacific. This paper trails Clark and Lewis’ expedition in Montana exploring the various Indian wars and the twist and confusing meander of the river. The Corps of Discovery constituted of strangers to each other aged differently but with an average age of 27. Nonetheless, the team was eager to undertake the presidential decree with zeal, zest and passion. John Shields aged 35 was the oldest of the Corps of Discovery whereas 17 year old George Shannon was the youngest (Lewis and William, 38). Therefore, Clark had to balance his command as he directed the team into building cabins and forts from logs. Clark further taught the team information marching, effective shooting of targets as a team as well as the use of......

Words: 2333 - Pages: 10

Premium Essay

Compare And Contrast Lewis And Clark

...Lewis and Clark's Expedition In 1803 Thomas Jefferson sent Meriwether Lewis and William Clark's Corps of Discovery to find a water route to the Pacific and explore the uncharted West. Jefferson believed that there were many new things to discover out west, such as wooly mammoths, volcanoes, and a mountain of pure salt awaiting them. They had no clue of the future discoveries that were going to be made on their expedition. They had been preparing for their expedition at their St. Louis-area camp since Fall of 1803. On May 20th, 1804, William Clark and nearly four dozen other men met Meriwether Lewis to begin the journey. The Lewis and Clark expedition, which was also known as "the Corps of Discovery", began making its way up the Missouri River...

Words: 1181 - Pages: 5

Premium Essay

Relationship Between Lewis And Clark

...Lewis and Clark's Corps of Discovery journey from The Pacific Ocean and back from 1803 through 1806 mapped the lands, and encountered discoveries and the people of the western land of the United States. After President Thomas Jefferson purchase of the Louisiana territory from France in 1803, Jefferson interest of knowing what seeked upon the lands increased and because of this he asked Lewis, his private secretary, to gather information about the plants, animals, climate and the native people of the region. Lewis accepted the offer and decided for his old friend William Clark to accompany him as co-commander of the expedition. Lewis picks up William Clark and his other recruits along the way as he travels down the Ohio River. By the fall/winter of 1803, Lewis and Clark establishes Camp Wood, their winter camp for their Corps of Discovery, and later heads on to St. Louis. From there their expedition began their journey in May 1804....

Words: 574 - Pages: 3

Free Essay

John Lewis Case Study

...very important in company because high level of satisfaction of customer could leading customer repurchase and keep their royalty. Besides, company can retain customer instead of acquiring new customer all the time. Word of mouth is one way make customer knowing about company so that customer satisfaction will reduce negative comment and feedbacks. 2. John Lewis 3.1. Introduction about John Lewis John Lewis is the UK’s largest department store retailer. It was established in 1864 at 132 Oxford Street, in London by John Spedan Lewis. Nowadays, John Lewis Partnership is one of a growing number of businesses with an employee-owned structure that means the employees known as Partners have enable to running business and get share profit which addition to their salary each year. Waitrose is a part of John Lewis Partnership which is a supermarket combine with expertise and service of a specialize shop. They supply customer the best possible food and drinking to help them to live healthier by building a long-term relationship with their farmers and suppliers. 3.2. John Lewis customer service John Lewis always find a way to know and understand what customers want and expect. They constantly finding opportunity to listen what customer think about their products and services then if there are something wrong, they would fix it immediately. Therefore, company could provide the best possible choice, value and service to customers. None of 70,000 people work at......

Words: 2148 - Pages: 9

Premium Essay

The Importance Of The Lewis And Clark Expedition

...Lewis and Clark Expedition Imagine going from nice spring weather to strong winds and freezing cold winters two times. This is what Meriwether Lewis and William Clark went tough on their two year expedition searching for the Northwest passage. Now, while you might think they had it easy, Lewis, Clark and their expedition crew went through many challenges while exploring the new land. From finding food to eat, to making alliances with different indian tribes, this journey was anything but easy. The Lewis and Clark expedition is very important to the US for many many reasons. Thomas Jefferson was determined to find this so called “Northwest Passage.” The Northwest Passage was a series of rivers that somehow connected to the Pacific Ocean....

Words: 967 - Pages: 4

Free Essay

C.S. Lewis Essay

...C. S. Lewis, or "Jack", as he was known to friends and family, was born Clive Staples Lewis on November 29, 1898, in Belfast, Ireland. His father, Albert Lewis, was a successful lawyer. Albert and Flora Lewis brought up their two sons in a Protestant household. Warren was Lewis's older brother, and the two were very close. The family home was affectionately nicknamed "Little Lea", and was a treasure trove of books in which Lewis' imagination blossomed. The stability and happiness of Lewis's childhood, however, was shattered by his mother's death in 1908 from abdominal cancer. Lewis was nine years old at the time. The death of Lewis's mother proved incredibly influential on the development of the writer's commitment to Christianity. Just prior to her death, Flora gave each of her sons a parting gift: a Bible, inscribed with a message of her love. Lewis, however, reacted to the gift with anger and grief, and became an atheist. In 1914, at the age of 16, he moved to southern England and came under the tutelage of William T. Kirkpatrick. Kirkpatrick was a former headmaster, a rationalist, and a humanist; in Kirkpatrick, Lewis found a tutor and role model, and learned to discipline himself in writing and reason. Lewis was admitted to University College at Oxford, and in 1917 he volunteered for active combat in France. He returned to his studies in 1919. Lewis ultimately graduated with top honors in literature, philosophy, and history. He was subsequently elected to the......

Words: 784 - Pages: 4

Premium Essay

Governor Meriwether Lewis Research Paper

...Governor Meriwether Lewis died on October 11th, 1809. The death of Meriwether Lewis isn’t your ordinary everyday death. Many historians believe he committed suicide. Other historians believe he was murdered. I, myself, believe he was murdered. How could it possibly be difficult to tell the difference between a murder and a suicidal case? The document “Mysterious Death of Meriwether Lewis” states Meriwether Lewis was 32 years old when he came back from the expedition he is most well-known for. Lewis was an extreme outdoorsman. When President Thomas Jefferson appointed him to be the Governor of the Upper Louisiana Territory, he was very grateful, but it wasn’t the job meant for him. Close friends stated he was having a drinking problem, due to a hard time adjusting. In addition, the document also explained he had problems with the new Secretary of War. William Eustis...

Words: 1392 - Pages: 6

Free Essay

Jerry Lee Lewis Paper

...Tanner Allen Biography Paper 2/11/15 History of Rock and Roll Jerry Lee Lewis No matter what source is used when searching the name Jerry Lee Lewis, the same descriptive words will appear: energetic, confident, fiery, egocentric, one-of-a-kind, and so on. All these can be found in both and Oxford Music Online, which had very similar material on this legendary rock-and-roller that made playing the piano hip and cool. Although the two sites wrote about the same subject, Mr. Lewis, the two biographies were entirely different in the ways the facts were illustrated. The first major distinction between the two sources was the difference in length and detail. had a more formal, detailed, and lengthy biography that appeared to be intended for people in search of in depth information about the life of Jerry Lee Lewis from his childhood all up to the present. This site did not only focus on the main points in Jerry’s music career, but also gave great insight on his family life while growing up in the south. The feature that I enjoyed most about the biography was description it had on the process Jerry Lee had to go through to sign with a record company. The site did a good job of illustrating the difficulties he had to overcome to reach the top of the music industry. In contrast, Oxford Music Online was less formal and seemed to be intended more for finding quick facts about the artist. Still very detailed, this biography focused......

Words: 650 - Pages: 3

Free Essay

Lewis & Clark, Leaving the Purchase

...for James Madison to refuse. The offer was taken back to the President and approved by Congress with a vote of twenty-four to seven. The Louisiana Purchase doubled the size of the United States, which was quickly becoming overcrowded. But since this region had yet to be explored no one knew what exactly they had gotten themselves into. And this would be how history arrived at the Corps of Discovery, and to the Lewis & Clark Expedition. After watching a PBS documentary about Lewis & Clark, (with my dad, who was so excited to share this with me) I chose to summarize the portion of the expedition that traveled over the Rockies. Mainly because my father’s family is from the Missoula, Montana area, my father was born in Tarkio, Montana. My mother was born in Hollywood, Idaho. She spent her childhood in the Kamiah, Weippe and Lapwai, Idaho area. I was also born in Pullman, Washington, and raised in Medical Lake, Washington. My family history is deeply entwined in the region. The expedition prior to the fall of 1805 had been easy in comparison to what lie ahead for Lewis & Clark. It seems as though most of their provisions had been used up during their winter stay in North Dakota and their journey across the Great Plains. They also buried some of their stockpile, to ensure they had it for the return trip. It is in Western Montana that the group would enter into geography they had never seen or explored. These indeed were important times. How exciting it must have been......

Words: 1266 - Pages: 6

Premium Essay

Lewis And Clark Expedition Dbq Analysis

...When you think of Louisiana what comes to mind? A small boot-shaped state? Well, when Louisiana was first in the hands of the United States it was a very large territory that took up about a third of present-day America. Up until this point, his vast area of land had remained unexplored. As a result, the Lewis and Clark Expedition was initiated by the current president, Thomas Jefferson. The Lewis and Clark expedition was the exploration of the Louisiana purchase.America bought the Louisiana purchase from France in 1803 for $15,000,000. The expedition was launched that same year and on this journey they searched for a water route to the pacific. The Lewis And Clark expedition’s greatest achievement was mapping the west because it created the first accurate maps of the west, It was the original purpose of the expedition, and aided in building relationships with Indians. The reason why mapping the west was the expedition's greatest achievement is that it helped create the first accurate maps of the west. This can be easily seen just by looking at the map in Document D. It has excruciating detail from the path of their onward journey and their returning, to spot on points of interest. This is exactly the kind of map Jefferson wanted. This detail was important because it was one of the first maps made of the west. Another reason why the...

Words: 617 - Pages: 3