Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. inventories are comprised of the following ($ in t

Inventories are comprised of the following ($ in thousands): January 31, October 31, 2016 2015...

50.1K

Verified Solution

Question

Accounting

image

Inventories are comprised of the following ($ in thousands): January 31, October 31, 2016 2015 Raw materials Finished goods Supplies $ 50,883 95,483 6,065 152,431 49,467 85,363 6,522 141,352 Less: LIFO reserve (17,394) (21,428) Inventories (under 135,037 LIFO) The company's income statements reported cost of goods sold of $214,826 thousand for the quarter ended January 31, 2016. Required 1. Assume that AEP adjusts the LIFO reserve at the end of its quarter. Prepare the January 31, 2016, adjusting entry to record the cost of goods sold adjustment. 2. If AEP had used FIFO to value its inventories, what would cost of goods sold have been for the quarter ended January 31, 2016

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

General Management
1.2K views

Ergonomics Inc. sells ergonomically designed office chairs. The company has the following information: Average demand =...

General Management
1.2K views

As indicated in your reading in week 6, the overall effectiveness of an ad is a...

Physics
1.2K views

A point charge q is placed at th concentric cavity of a neutral metallic sphere...

Geometry
1.2K views

1 10 Pts Find a unit vector in the direction of steepest ascent increase and...

Statistics
1.2K views

A 2018 Beliefs and Values survey by Gallup used a random sample of 1024 American...

Calculus
1.2K views

3 Find the area of the region bounded by the graphs of the equations y...

Calculus
1.2K views

You want to enclose a rectangular region with 450 feet of fencing. Express A(w), the...

Algebra
1.2K views

5. You are given three vectors below. It is known that these vectors are on...

Accounting
1.2K views

Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $120 per...

Accounting
1.2K views

You have a friend that is starting a m[new business and has come to you...

Accounting
1.2K views

PROBLEMS: SETA P6-1A Houghton Limited is trying to determine the value of its ending inventory...

Accounting
1.2K views

***** Scenario 6: Statement: Thomas retired at age 52 and took...