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| Case A | Case B | |||
| FIFO | LIFO | |||
| Sales revenue | 644280 | 644280 | ||
| Cost of goods sold | ||||
| Beginning inventory | 38740 | 38740 | ||
| Purchases | 272810 | 272810 | ||
| Goods available for sale | 311550 | 311550 | ||
| Ending inventory | 161650 | 119520 | ||
| Cost of goods sold | 149900 | 192030 | ||
| Gross Profit | 494380 | 452250 | ||
| Operating expenses | 186500 | 186500 | ||
| Pretax income | 307880 | 265750 | ||
| Workings: | ||||
| Ending inventory units | 8750 | =2980+8860+7830-10920 | ||
| Ending inventory: | ||||
| FIFO | 161650 | =(7830*19)+(8750-7830)*14 | ||
| LIFO | 119520 | =(2980*13)+(8750-2980)*14 | ||
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Required information [The following information applies to the questions...
Required information [The following information applies to the questions displayed below.) Emily Company uses a periodic...
Required information [The following information applies to the questions displayed below.) Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,830 Unit Cost $11 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($56 each) Operating expenses (excluding income tax expense) 8, 940 7,870 10,980 $ 192,000 Required: 1. Prepare...
Required information [The following information applies to the questions displayed below.] Emily Company uses a periodic...
Required information
[The following information applies to the questions
displayed below.]
Emily Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
2:
Units
Unit Cost
Inventory, December 31, prior year
2,840
$
14
For the current year:
Purchase, April 11
8,840
15
Purchase, June 1
7,940
20
Sales ($53 each)
10,910
Operating expenses (excluding income tax expense)
$
188,000
Required:...
Required information [The following information applies to the questions displayed below.] Emily Company uses a periodic...
Required information [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,870 Unit Cost $ 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,820 7,920 10,830 13 18 $187,500 Required: 1....
2 Required information Part 1 of 3 [The following information applies to the questions displayed below.]...
2 Required information Part 1 of 3 [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2 10 points Unit Units Cost Skipped Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($57 each) Operating expenses (excluding income tax expense) 2,990 $14 8,870...
[The following information applies to the questions displayed below.] Broadhead Company uses a periodic inventory syste...
[The following information applies to the questions displayed below.] Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,850 Unit Cost $ 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,860 8,000 10,960 $193,500 Required: 1. Prepare a separate income...
[The following information applies to the questions displayed below.) Broadhead Company uses a periodic inventory system....
[The following information applies to the questions displayed below.) Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,860 Unit Cost $ 14 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,870 7,980 10,830 $186,500 Required: 1. Prepare a separate...
The following information applies to the questions displayed below Beck Inc. uses a periodic inve...
The following information applies to the questions displayed below Beck Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product2 Units Unit Cost 7400 $12 Inventory December 31, prior year For the current year 19.400 10.400 8.400 6.400 Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) Operating expenses (excluding income tax expense) 10 $404.000 14. Required information...
Required information E7-7 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2,...
Required information E7-7 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 (The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,900 Unit Cost $13 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($53 each)...
Required information [The following information applies to the questions displayed below. Broadhead Company uses a periodic...
Required information [The following information applies to the questions displayed below. Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,860 Unit Cost $ 14 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,870 7,980 10,830 $186,500 2. Compute the...
[The following information applies to the questions displayed below.] Broadhead Company uses a periodic inventory syste...
[The following information applies to the questions displayed below.] Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,870 Unit Cost $ 13 11 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,900 7,910 10,860 $186,000 Required: 1. Prepare a separate...
Required information [The following information applies to the questions displayed below.) Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,830 Unit Cost $11 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($56 each) Operating expenses (excluding income tax expense) 8, 940 7,870 10,980 $ 192,000 Required: 1. Prepare...
Required information
[The following information applies to the questions
displayed below.]
Emily Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
2:
Units
Unit Cost
Inventory, December 31, prior year
2,840
$
14
For the current year:
Purchase, April 11
8,840
15
Purchase, June 1
7,940
20
Sales ($53 each)
10,910
Operating expenses (excluding income tax expense)
$
188,000
Required:...
Required information [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,870 Unit Cost $ 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,820 7,920 10,830 13 18 $187,500 Required: 1....
2 Required information Part 1 of 3 [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2 10 points Unit Units Cost Skipped Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($57 each) Operating expenses (excluding income tax expense) 2,990 $14 8,870...
[The following information applies to the questions displayed below.] Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,850 Unit Cost $ 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,860 8,000 10,960 $193,500 Required: 1. Prepare a separate income...
[The following information applies to the questions displayed below.) Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,860 Unit Cost $ 14 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,870 7,980 10,830 $186,500 Required: 1. Prepare a separate...
The following information applies to the questions displayed below Beck Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product2 Units Unit Cost 7400 $12 Inventory December 31, prior year For the current year 19.400 10.400 8.400 6.400 Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) Operating expenses (excluding income tax expense) 10 $404.000 14. Required information...
Required information E7-7 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 (The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,900 Unit Cost $13 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($53 each)...
Required information [The following information applies to the questions displayed below. Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,860 Unit Cost $ 14 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,870 7,980 10,830 $186,500 2. Compute the...
[The following information applies to the questions displayed below.] Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,870 Unit Cost $ 13 11 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,900 7,910 10,860 $186,000 Required: 1. Prepare a separate...
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