[Solved] Assignment 218943

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Subject: Business    / Accounting
QuestionKimball 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 below20122011Total inventory$89,489$76,146Net Sales923,636895,912Cost of Sales664,311645,591Gross Profit259,325250,321Earnings per Share$2.15$1.96a. Compute the inventory amount at June 30, 2012 for Kimball International Inc. assuming that it had used the FIFO method of accounting for inventory. (3 points)b. Does Kimball’s use of LIFO rather than FIFO affect its cash flows? Explain briefly. (2 points)

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