Seattle, Co. began the year with 480 units of one of its most popular products. During...
Seattle, Co. began the year with 480 units of one of its most popular products. During the year Seattle purchased 1,000 units and sold 1,100 units for $750 each. What is the pre-tax effect of Seattle's LIFO liquidation?
| Date | Transaction | # of Units | Cost per Unit |
|---|---|---|---|
| 1/1 | Beginning Inventory | 480 | $576 |
| 8/6 | Purchase | 1000 | $648 |
a. $57,600
b. $7,200
c. $14,400
d. $17,400
Homework Answers
a.$57,600.
since 1000 units are purchased, but 1100 units are sold and LIFO is used.
1000 units purchased will be sold and 100 units will be from beginning inventory.
so LIFO liquidation pre tax effect will be = $576 cost per unit of beginning inventory *100 units
=>$57,600.
Add Answer to:
Seattle, Co. began the year with 480 units of one of its most
popular products. During...
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year:...
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: keer Date Transaction Jan. 1 Jan. 15 Beg. Inv. Purchase Number Per of Units Unit $15 100 Feb. 15 Purchase 120 March 15 Purhcase Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 25 purchase, and 50 came form the March 15 purchase with the remaining units coming from...
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year:...
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: - - - T - - - T - - - - Date Number Per Transaction of Units Unit - - - - - - - - - - - - - - - - - - - 50 - - - - - - - - - - - - - - - - - - - - - - - - -...
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: keer Date Transaction Jan. 1 Jan. 15 Beg. Inv. Purchase Number Per of Units Unit $15 100 Feb. 15 Purchase 120 March 15 Purhcase Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 25 purchase, and 50 came form the March 15 purchase with the remaining units coming from...
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: - - - T - - - T - - - - Date Number Per Transaction of Units Unit - - - - - - - - - - - - - - - - - - - 50 - - - - - - - - - - - - - - - - - - - - - - - - -...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago