Solution-Compute the inventory amount at june

Compute the inventory amount at june

Reference no: EM131747859

Question - Kimball International Inc. uses the LIFO method of accounting for inventory. In its 2012 inventory footnote Kimball reported a LIFO reserve of $19,500 and $21,100 at June 30, 2012 and 2011, respectively.

Selected data from the financial statements is below

	2012	2011
Total inventory	$89,489	$76,146
Net Sales	923,636	895,912
Cost of Sales	664,311	645,591
Gross Profit	259,325	250,321
Earnings per Share	$2.15	$1.96

a. Compute the inventory amount at June 30, 2012 for Kimball International Inc. assuming that it had used the FIFO method of accounting for inventory.

b. Does Kimball's use of LIFO rather than FIFO affect its cash flows? Explain briefly.

Reference no: EM131747859

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Compute the inventory amount at june

Reference no: EM131747859

Reference no: EM131747859

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