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On January 1, 2010, Lucas Distributors, Inc., adopted the dollar value LIFO inventory method for income tax and external financial reporting. However, Lucas continued to use the FIFO inventory method for internal accounting and management purposes. In applying the LIFO method, Lucas uses internal conversion cost indexes and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for Inventory Pool No. 1, which is comprised of products A and B, for the two years following the adoption of LIFO:
Required:1. Prepare a schedule to compute the internal conversion cost indexes for 2010 and 2011. Round indexes to two decimal places.2. Prepare a schedule to compute the inventory amounts at December 31, 2010 and 2011, using the dollar-value LIFO inventorymethod.
Management wishes to maintain a minimum cash balance of $8,000. Complete the basic cash budget for the month of January.
In addition, Anheuser-Busch sold 136 million barrels of beer during the year. Assume that variable costs were 70% of the cost of goods sold and 45% of marketing and distribution expenses.
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Net Income and Net Operating Cash Flows are both important indicators of the health of a company. But why are they different? What do they have in common, and what makes them so important? Is there a relationship with the other sections of the cas..
(a) Determine corrected net incomes for 2009, 2010, and 2011. (b) Give the entry to bring the books of the company up to date in 2012, assuming that the books have been closed for 2011.
prepare the required general journal entry to record the following transactions for the flaherty company.a. incurred
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