Homework Answers
Difference in tax = $1,170
Working
| LIFO | FIFO | |
| Cost of Goods sold | $ 179,900 | $ 185,750 |
| Difference in Cost of Goods sold (179900-185750) | $ 5,850.00 | |
| Difference in tax | $ 1,170.00 |
.
| FIFO | ||||
| Total Units Available for sale | 25000 | |||
| Units Sold | 22000 | |||
| Closing Stock in Units | 3000 | |||
| Valuation | ||||
| Ending Inventory | 3000 | @ | $ 7.25 | $ 21,750 |
| Value Of Ending Inventory | $ 21,750 | |||
| Cost of Goods sold | $ 185,750 | |||
.
| LIFO | ||||
| Total Units Available for sale | 25000 | |||
| Units Sold | 22000 | |||
| Closing Stock in Units | 3000 | |||
| Valuation | ||||
| Ending Inventory | 3000 | @ | $ 9.20 | $ 27,600 |
| Value Of Ending Inventory | $ 27,600 | |||
| Cost of Goods sold | $ 179,900 | |||
Add Answer to:
12. Henri Company's inventory records show the following dala Units Unit Cost Inventory, January 1 10,000...
7. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000...
7. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at a. $21,750. b. $24,450. c. $25,800. d. $27,600.
10. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Pu...
10. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. The weighted average cost per unit is
-8. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000...
-8. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the cost of goods available for sale? a. $170,700 b. $178,500 c. $207,500 d. $300,000
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000...
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method, cost of goods sold is a. $29,000. b. $179,900. c. $179,300. d. $178,500
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000...
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period? a. $78,250 b. $84,100 c. $81,400 d. $84,700
Grouper Company's inventory records show the following data for the month of September: Units Unit Cost...
Grouper Company's inventory records show the following data for the month of September: Units Unit Cost $3.20 Inventory, September 1 Purchases: September 8 460 3.60 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $
Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost...
Shellhammer Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
100
$3.34
Purchases:
September 8
450
3.50
September 18
350
3.70
A physical inventory on September 30 shows 200 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$
Cost of goods sold
$
Bramble Company's inventory records show the following data for the month of September: Units Unit Cost...
Bramble Company's inventory records show the following data for
the month of September:
Units
Unit Cost
Inventory,
September 1
100
$2.85
Purchases:
September 8
440
3.50
September 18
300
4.00
A physical inventory on September 30 shows 160 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter a...
Bridgeport Company's inventory records show the following data for the month of September: Units Unit Cost...
Bridgeport Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 90 $2.85 Purchases: September 8 460 $3.50 September 18 300 $3.90 A physical inventory on September 30 shows 160 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Ending inventory: $ enter a value of ending inventory in dollars Cost of goods sold: $...
Blue Spruce Company's inventory records show the following data for the month of September: Units Unit...
Blue Spruce Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
95
$2.80
Purchases:
September 8
445
3.40
September 18
300
3.90
A physical inventory on September 30 shows 150 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses FIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter...
7. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at a. $21,750. b. $24,450. c. $25,800. d. $27,600.
10. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. The weighted average cost per unit is
-8. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the cost of goods available for sale? a. $170,700 b. $178,500 c. $207,500 d. $300,000
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method, cost of goods sold is a. $29,000. b. $179,900. c. $179,300. d. $178,500
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period? a. $78,250 b. $84,100 c. $81,400 d. $84,700
Grouper Company's inventory records show the following data for the month of September: Units Unit Cost $3.20 Inventory, September 1 Purchases: September 8 460 3.60 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $
Shellhammer Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
100
$3.34
Purchases:
September 8
450
3.50
September 18
350
3.70
A physical inventory on September 30 shows 200 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$
Cost of goods sold
$
Bramble Company's inventory records show the following data for
the month of September:
Units
Unit Cost
Inventory,
September 1
100
$2.85
Purchases:
September 8
440
3.50
September 18
300
4.00
A physical inventory on September 30 shows 160 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter a...
Blue Spruce Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
95
$2.80
Purchases:
September 8
445
3.40
September 18
300
3.90
A physical inventory on September 30 shows 150 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses FIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter...
Most questions answered within 3 hours.
-
You plan to save $5,700 per year for the next 10 years. After
the last deposit,...
asked 5 minutes ago -
On January 1, 2019, ABC Corp. borrowed $81,000 by signing an
installment loan. The loan will be...
asked 9 minutes ago -
Enzyme X exhibits maximum activity at pH = 5.25. X shows a sharp
decrease in its...
asked 24 minutes ago -
Postulate a reason for why so many aliphatic amino acids are
essential.
asked 23 minutes ago -
Three samples were taken of 4 different dog food bags and their
weights were recorded:
Sample/Observation...
asked 27 minutes ago -
The Beatles had 27 number one hits; a radio station asks
listeners to send in a...
asked 24 minutes ago -
Help with Java Program Please
Create a simple graph class. The graph class should have the...
asked 25 minutes ago -
Which of the following statements is true regarding the nature
of culture?
A.We are born with...
asked 46 minutes ago -
(a) 2
NO2(g) à 2
NO(g) +
O2(g)
The rate law for this reaction
is 2nd...
asked 49 minutes ago -
Write the overall reaction for the RedOx
reaction (below) when it occurs in an acidic environment....
asked 55 minutes ago -
Two forces are acting on an object. Force 1 on the object is 6.0
N and...
asked 56 minutes ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 1 hour ago