Can someone help me answer these?
1)
2)
Homework Answers
1) value of ending inventory = 290*6 = 1740
2) Difference in income before tax = 15730-14600 = 1130
Difference in tax between two methods = 1130*30% = 339
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Can someone help me answer these?
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2)
Novak Corp. uses a periodic inventory system. Details...
Novak Corp. uses the periodic inventory system and reports the following for the month of June....
Novak Corp. uses the periodic inventory system and reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 440 $4 $ 1,760 12 Purchase 880 8 7,040 23 Purchase 660 12 7,920 30 Inventory 220 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $8.44 Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0...
Pharoah Company uses a periodic inventory system. Details for the inventory account for the month of...
Pharoah Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price Total Balance, 1/1/2022 370 $6.00 $2220 Purchase, 1/15/2022 190 6.60 1254 Purchase, 1/28/2022 190 6.80 1292 An end of the month (1/31/2022) inventory showed that 300 units were on hand. If the company uses FIFO, what is the value of the ending inventory? $1800 O $2018 $2748 O $2040
You have the following information for Novak Corp. for the month ended October 31, 2017. Novak Corp. uses a periodic method for inventory.
You have the following information for Novak Corp. for the month ended October 31, 2017. Novak Corp. uses a periodic method for inventory.DateDescriptionUnitsUnit Cost or Selling PriceOct. 1Beginning inventory59$24Oct. 9Purchase11026Oct. 11Sale10035Oct. 17Purchase11027Oct. 22Sale6440Oct. 25Purchase6329Oct. 29Sale10440Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)Weighted-average cost per unit$enter the Weighted-average cost per unit in dollars rounded to 3 decimal placesCalculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO.(3) Average-cost. (Round answers...
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending...
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
Dobler Company uses a periodic inventory system. Details for the inventory account for the month of...
Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows: Units Per Unit Price Total 300 $5.00 Balance, 1/1/2017 $1,500 150 5.30 Purchase, 1/15/2017 795 150 5.50 Purchase, 1/28.2017 825 At the end of the month (1.21.2017) inventory showed that 240 units were on hand. If the company uses LIFO,what is the value of the ending inventory? $1,264 $1,200 $1,302 $1,920
Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,500 units...
Courtney Company uses a periodic inventory system. The following
data were available: beginning inventory, 1,500 units at $25;
purchases, 3,000 units at $28; operating expenses (excluding income
taxes), $94,000; ending inventory per physical count at December
31, 1,000 units; sales price per unit, $75; and average income tax
rate, 30%.
Prepare income statements under the FIFO, LIFO, and weighted
average costing methods.
PLEASE do not round intermediate calculations but can
you round the final answers to the nearest dollar
amount...
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending...
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,040 units at $36; purchases, 7,890 units at $38; expenses (excluding income taxes), $193,100; ending inventory per physical count at December 31, current year, 1,740 units; sales, 8,190 units; sales price per unit, $76; and average income tax rate, 34 percent. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a total cost of $18,000. The company purchased 2 10 units at a total cost of $31,500. At the end of the year, Tamarisk had 70 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit and final answers to decimal places, s. 1,250) FIFO LIFO Average-cost The...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $109 per unit 73 units at $80 per unit 174 units at $62 per unit Sales for the year totaled 271 units, leaving 16 units on hand at the end of the year. Ending inventory using the LIFO method is: Multiple Choice $1,170. $1,744. $1,042. $992. Fulbright Corp. uses the periodic inventory system....
Inventory information for Part 311 of Novak Corp. discloses the following information for the month of...
Inventory information for Part 311 of Novak Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 297 units @ $17 795 units @ $21 500 units @ $23 June 10 15 27 Sold Sold Sold 203 units @ $42 498 units @ $44 303 units @ $47 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO...
Pharoah Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price Total Balance, 1/1/2022 370 $6.00 $2220 Purchase, 1/15/2022 190 6.60 1254 Purchase, 1/28/2022 190 6.80 1292 An end of the month (1/31/2022) inventory showed that 300 units were on hand. If the company uses FIFO, what is the value of the ending inventory? $1800 O $2018 $2748 O $2040
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows: Units Per Unit Price Total 300 $5.00 Balance, 1/1/2017 $1,500 150 5.30 Purchase, 1/15/2017 795 150 5.50 Purchase, 1/28.2017 825 At the end of the month (1.21.2017) inventory showed that 240 units were on hand. If the company uses LIFO,what is the value of the ending inventory? $1,264 $1,200 $1,302 $1,920
Courtney Company uses a periodic inventory system. The following
data were available: beginning inventory, 1,500 units at $25;
purchases, 3,000 units at $28; operating expenses (excluding income
taxes), $94,000; ending inventory per physical count at December
31, 1,000 units; sales price per unit, $75; and average income tax
rate, 30%.
Prepare income statements under the FIFO, LIFO, and weighted
average costing methods.
PLEASE do not round intermediate calculations but can
you round the final answers to the nearest dollar
amount...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a total cost of $18,000. The company purchased 2 10 units at a total cost of $31,500. At the end of the year, Tamarisk had 70 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit and final answers to decimal places, s. 1,250) FIFO LIFO Average-cost The...
Inventory information for Part 311 of Novak Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 297 units @ $17 795 units @ $21 500 units @ $23 June 10 15 27 Sold Sold Sold 203 units @ $42 498 units @ $44 303 units @ $47 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO...
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