Financial Position as of 12/31/16 12/31/17 12/31/18 Cash $ 89,100 $130,100 $154,500 Accounts receivable 79,700 101,600...

	Financial Position as of
		12/31/16	12/31/17	12/31/18
Cash		$ 89,100	$130,100	$154,500
Accounts receivable		79,700	101,600	125,400
Inventory		125,400	139,000	172,500
Other assets		162,800	171,400	198,400
Total assets		$457,000	$542,100	$650,800
Accounts payable		$ 39,700	$ 59,600	$ 79,700
Other liabilities		78,200	85,700	109,400
Common stock		198,400	198,400	198,400
Retained earnings		140,700	198,400	263,300
Total liabilities and equity		$457,000	$542,100	$650,800

		Income for Years Ended
		12/31/17	12/31/18
Sales revenue		$1,062,600	$1,490,760
Less:	Cost of goods sold	498,300	746,000
	Other expenses	206,600	299,400
		704,900	1,045,400
Income before income taxes		357,700	445,360
	Income taxes (40%)	143,080	178,144
Net income		$214,620	$ 267,216

Other data:

1.	Inventory on hand at December 31, 2016, consisted of 41,800 units valued at $3 each.
2.	Sales (all units sold at the same price in a given year):

		2017-151,800 units @ $7 each	2018-181,800 units @ $8.20 each

3.	Purchases (all units purchased at the same price in given year):

		2017-151,800 units @ $3.80 each	2018-181,800 units @ $4.80 each

4.	Income taxes at the effective rate of 40% are paid on December 31 each year.

1. Name the account(s) presented in the financial statements that would have different amounts for 2018 if LIFO rather than FIFO had been used, and state the new amount for each account that is named.

Expert Solution

Account Name	LIFO amount
Inventory	125,400
Retained Earnings	140,192
Less : Cost of goods sold	872,640
Total expenses	1,172,040
Income before income taxes	318,720
Income taxes 40%	127,488
Net income	191,232

ekkarill92 answered 2 years ago

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