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The following table contains data obtained from annual reports of SR, a shoe manufacturer and retailer: Years ended December 31 (in $thousands) 2008 2009 2010
LIFO Liquidation $,973 $3,337 $5,890 Required: a. Compute the gross margin percentage for each year 2008-2010. b. SR disclosed the effect of LIFO liquidations net of income tax. Assuming a tax rate of 35%, recompute SR's gross margin for the years 2008-2010 after removing the effect of LIFO liquidation. (Hint: This means that COGS presented in template is determined after reflecting the effect of before-tax LIFO liquidation) c. Explain why the trend in gross margins shown in part b is a better indicator of SR's performance than the reported gross margins in part.
warranty expense. woodmier lawn products introduced a new line of commercial sprinklers in 2008 that carry a one-year
The auditors compare information on canceled checks with information contained in the cash disbursement journal. The objective of this test is to determine that:
the diamond freight company has been offered a seven-year contract to haul munitions for the government. because this
abc corporation is authorized to issue 50000 shares of 50 par value preferred stock and 750000 shares of 5 par value
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Crockett Company uses a job costing system and had a beginning work in process inventory balance of $33,200. During the year, $57,000 of direct materials was placed into production.
Given these exact figures above, the dollar value of Whitewater's "earnings before interest and taxes" would ____ if the Canadian dollar appreciates; the dollar value of Whitewater's cash flows would ____ if the Canadian dollar appreciates.
carner lumber sells lumber and general building supplies to building contractors in a medium-sized town in montana.
Analyze the impact of erroneous classifications in the operating activities section of the cash flow statement on free cash flow and how this distortion can impact the decisions made by financial statement users.
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