Homework Answers
Cost of goods sold Under LIFO = (66*49+74*47) = 6712
Gross profit = Sales-Cost of goods sold = (140*65)-6712 = 2388
So answer is a) $2388
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22.. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchase 54...
24. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchas...
24. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchase 54 $45 3/14/16 Purchase 93 $47 5/1/16 Purchase 66 $49 The company sold 140 units at $65 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars) a. $2,388 b. $2,628 c. $6,472 d. $6,712
+ 23. Nicholas Industries had the following inventory transactions occur during 2014: 22 Units Cost/unit 2/1/16...
+ 23. Nicholas Industries had the following inventory transactions occur during 2014: 22 Units Cost/unit 2/1/16 Purchase 54 $45 3/14/16 Purchase 93 $47 5/1/16 Purchase 66 $49 The company sold 140 units at $65 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using LIFO? (rounded to whole dollars)
25. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchase 54...
25. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchase 54 $45 3/14/16 Purchase 93 $47 5/1/16 Purchase 66 $49 The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars) a. $1,672 b. $1,840 c. $2,388 d. $2,628
Marigold Industries had the following inventory transactions occur during 2018: Units Cost/unit 2/1/18 Purchase 60 $40...
Marigold Industries had the following inventory transactions occur during 2018: Units Cost/unit 2/1/18 Purchase 60 $40 3/14/18 Purchase 96 $45 5/1/18 Purchase 60 $46 The company sold 156 units at $80 each and has a tax rate of 20%. Assuming that a periodic inventory system is used, what is the company’s after-tax income using LIFO? (rounded to whole dollars)
Hogan Industries had the following transactions occur during 2014, February 1, 2014 - 36 units at...
Hogan Industries had the following transactions occur during 2014, February 1, 2014 - 36 units at $45 per unit March 14, 2014 - 62 units at $47 per unit May 1, 2014 - 44 units at $49 per unit The company sold 102 units at $63 each and has tax rate of 30%. Assuming that a periodic inventory sustem is used, what is the company's gross profit using FIFO?
Marigold Industries had the following inventory transactions occur during 2018: Units 2/1/18 Purchase 50 3/14/18 Purchase...
Marigold Industries had the following inventory transactions occur during 2018: Units 2/1/18 Purchase 50 3/14/18 Purchase 95 5/1/18 Purchase 61 Cost/unit $40 $50 $54 The company sold 160 units at $80 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO?(rounded to whole dollars) O $4556 O $2980 O $3144 O $5240
Blue Spruce Corp. had the following inventory transactions occur during 2017: Units Cost/unit Feb 1, 2017...
Blue Spruce Corp. had the following inventory transactions occur during 2017: Units Cost/unit Feb 1, 2017 Purchase 125 $52 Mar. 14, 2017 Purchase 216 $55 May 1, 2017 Purchase 153 The company sold 355 units at $73 each and has a tax rate of 30%. Assuming that a periodic Inventory system is used, and operating expenses of $2088, what is the company's after-tax income using LIFO?(rounded to whole dollars) $3254 $4649 $2797 $3996 e Textbook and Media Solution Save for...
Pina Colada Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022...
Pina Colada Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 99 $99 Mar. 14, 2022 Purchase 171 $103 May 1, 2022 Purchase 121 $108 The company sold 281 units at $139 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using LIFO? $10457 $28602 $29548 $9511
Nash's Trading Post, LLC had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1,...
Nash's Trading Post, LLC had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 80 $33 Mar. 14, 2022 Purchase 138 $35 May 1, 2022 Purchase 98 $36 The company sold 226 units at $47 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1332, what is the company’s after-tax income using LIFO? A. $1072.40 B. $1282.00 C. $897.40 D. $1532.00
Whispering Winds Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022...
Whispering Winds Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 83 $83 Mar. 14, 2022 Purchase 143 $86 May 1, 2022 Purchase 101 $90 The company sold 235 units at $116 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using FIFO? A) $6646 B) $20614 C) $19997 D) $7263
24. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchase 54 $45 3/14/16 Purchase 93 $47 5/1/16 Purchase 66 $49 The company sold 140 units at $65 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars) a. $2,388 b. $2,628 c. $6,472 d. $6,712
+ 23. Nicholas Industries had the following inventory transactions occur during 2014: 22 Units Cost/unit 2/1/16 Purchase 54 $45 3/14/16 Purchase 93 $47 5/1/16 Purchase 66 $49 The company sold 140 units at $65 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using LIFO? (rounded to whole dollars)
25. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchase 54 $45 3/14/16 Purchase 93 $47 5/1/16 Purchase 66 $49 The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars) a. $1,672 b. $1,840 c. $2,388 d. $2,628
Marigold Industries had the following inventory transactions occur during 2018: Units 2/1/18 Purchase 50 3/14/18 Purchase 95 5/1/18 Purchase 61 Cost/unit $40 $50 $54 The company sold 160 units at $80 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO?(rounded to whole dollars) O $4556 O $2980 O $3144 O $5240
Blue Spruce Corp. had the following inventory transactions occur during 2017: Units Cost/unit Feb 1, 2017 Purchase 125 $52 Mar. 14, 2017 Purchase 216 $55 May 1, 2017 Purchase 153 The company sold 355 units at $73 each and has a tax rate of 30%. Assuming that a periodic Inventory system is used, and operating expenses of $2088, what is the company's after-tax income using LIFO?(rounded to whole dollars) $3254 $4649 $2797 $3996 e Textbook and Media Solution Save for...
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