LO6-2,3 E6-39. Calculating Inventory Ratios for LIFO versus FIFO , ANALYST ADJUSTMENTS 6.1 ...
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LO E Calculating Inventory Ratios for LIFO versus FIFO ANALYST ADJUSTMENTS PHILLIPS PSX In a recent Phillips reported the following information. a Adjust inventories and total assets for both years. Adjust cost of goods sold and net income for the current fiscal year. b Compute the following ratios for the current fiscal year, under both LIFO and FIFO. Comment on whether they differ materially. i Gross margin percentage ii Days inventory outstanding DIO iii. Return on assets ROA 
LO E Calculating Inventory Ratios for LIFO versus FIFO ANALYST ADJUSTMENTS
PHILLIPS
PSX
In a recent Phillips reported the following information.
a Adjust inventories and total assets for both years. Adjust cost of goods sold and net income for the
current fiscal year.
b Compute the following ratios for the current fiscal year, under both LIFO and FIFO. Comment on
whether they differ materially.
i Gross margin percentage
ii Days inventory outstanding DIO
iii. Return on assets ROA
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