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8 December, 15:32

Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29, 2017, of $46,850,000 under the LIFO inventory method. In the notes to its financial statements, assume Winnebago reported a LIFO reserve of $30,346,000 at August 29, 2017. What would Winnebago Industries' ending inventory have been if it had used FIFO?

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  1. 8 December, 15:53
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    Winnebago Industries' ending inventory have been if it had used FIFO is $77,196,000

    Explanation:

    The computation of the ending inventory under FIFO method is shown below:

    = Ending inventory under LIFO inventory method + LIFO reserve

    = $46,850,000 + $30,346,000

    = $77,196,000

    For determining the ending inventory under the FIFO method, we added the ending inventory under the LIFO method and LIFO reserve so that accurate value can come.
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