Read the information below and answer the next questions
John Martinson, CFA, is an equity analyst with a large pension fund. His supervisor, Linda Packard, asks him to write a report on Karp Inc. Karp prepares its financial statements in accordance with US GAAP. Packard is particularly interested in the effects of the company's use of the LIFO method to account for its inventory. For this purpose, Martinson collects the financial data presented in Exhibits and
EXHIBIT F
Balance Sheet Information US$ millions
tableAs of December,Cash and cash equivalents,Accounts receivable,InventoriesOther current assets,Total current assets,Property and equipment, net,Total assets,Total current liabilities,Longterm debt,Total liabilities,Common stock and paid in capital,Retained earnings,Total shareholders' equity,Total liabilities and shareholders' equity,
