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The financial statements of Deere & Company
Set up one T- account for Deere's total inventories ( that is, combine the three inventory accounts for this analysis) Enter the 2011 (i.e. the 2012 opening balance) and 2012 ending balances in the T account. Use information from the financial statements to recreate the activity that took place in the account during fiscal 2012 and answer the following questions. Deere credits the total inventories account for the entire cost of sales. Note that the income statement line item Cost of sales includes the labor and overhead needed to manufacture the inventory sold. Assume that the raw material costs represent half of the total cost of manufacturing the invenorty. I. How much raw material inventory did Deere purchase in fiscal 2012? Assume that raw material inventorty was acquired in a single purchase. Provide the journal entry Deere made to record that purchase. ii. Now set up a t account for accounts payable and accrued expenses. Enter the 2011 ending balance (i.e. the opening 2012 balance) and 2012 ending balance in the t account. Assume that "accounts payable and accrued expenses" includes only inventory related transactions with suppliers and that all raw material is purchases on account. How much did Deere pay its suppliers for inventory in fiscal 2012? Assume that Deere made a single payment to all its suppliers in fiscal 2012. Provide the journal entry Deere made to record that payment.
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