Landings Inc. provided the following footnote in their annual report: Inventories are stated at the lower of cost or net realizable value. The cost of inventories has been determined using last in first out (FIFO) method. Cost of goods sold under FIFO costing were $22.2 billion for 20X2 and ending inventory under FIFO was $1.3 billion. Inventory in 20X1 under FIFO costing was $1.2 billion. Compute the following for Landings: $$\begin{array} { | l | l | }
\hline \text { 1. Cost of Goods Available for Sale } & \underline{\quad\quad}\
\hline \text { 2. Inventory turnover under FIFO costing for 20X2 } & \underline{\quad\quad} \
\hline
\end{array}$$

Question

Landings Inc. provided the following footnote in their annual report: Inventories are stated at the lower of cost or net realizable value. The cost of inventories has been determined using last in first out (FIFO) method. Cost of goods sold under FIFO costing were $22.2 billion for 20X2 and ending inventory under FIFO was $1.3 billion. Inventory in 20X1 under FIFO costing was $1.2 billion. Compute the following for Landings: $$\begin{array} { | l | l | } 
\hline \text { 1. Cost of Goods Available for Sale } & \underline{\quad\quad}\
\hline \text { 2. Inventory turnover under FIFO costing for 20X2 } & \underline{\quad\quad} \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Landings Inc. provided the following footnote in their annual report: Inventories are stated at the lower of cost or net realizable value. The cost of inventories has been determined using last in first out (FIFO) method. Cost of goods sold under FIFO costing were $22.2 billion for 20X2 and ending inventory under FIFO was $1.3 billion. Inventory in 20X1 under FIFO costing was $1.2 billion. Compute the following for Landings: $$\begin{array} { | l | l | } 
\hline \text { 1. Cost of Goods Available for Sale } & \underline{\quad\quad}\
\hline \text { 2. Inventory turnover under FIFO costing for 20X2 } & \underline{\quad\quad} \
\hline
\end{array}$$