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Lewis

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...

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