• April 22nd, 2016

Accounting

Paper, Order, or Assignment Requirements

required
Partial financial statements for Caterpillar, Inc. are posted in the folder along with this document. Using the financial statement information provided, complete the following items.
1. Assume that Caterpillar adjusts the LIFO Reserve account at the end of each fiscal year. Using t- accounts to show your work, prepare the December 31, 2015 journal entry to record the cost of goods sold adjustment.
2. Compute Caterpillar’s inventory purchases in 2015.
3. If Caterpillar had instead used FIFO to value all of its inventories, what cost of goods sold would the company have reported for 2015?
4. Caterpillar’s statutory tax rate is 35%. What was the effect on the company’s 2015 income taxes of using LIFO rather than FIFO? Is the result what you expect? Explain why or why not.

 

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