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Category > Accounting Posted 16 Aug 2017 My Price 8.00

Chemco Inc

2.16.             The following information is available for Chemco Inc’s inventories as of June 30, 2012:

 

(in Thousands)                                       2012                     2011

Finished goods

$382,925

$303,249

Work in process

76,524

60,588

Raw materials and supplies

    72,246

    49,844

Inventories at current cost

531,695

413,681

Less LIFO valuation

   (83,829)

   (88,368)

Total inventories

$447,886

$325,313

 

We used the LIFO method of valuing our inventories for approximately 40% and 44% of total inventories at June 30, 2012 and 2011, respectively.

(a)      What method of inventory is used for the other 60% and 56% of total inventories?

(b)     Explain the meaning of each of the numbers listed in the

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 09:08 PM My Price 8.00

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