Homework Answers
Condensed income statement
For the year ended December 31,2022
| FIFO | LIFO | |
| Sales revenue | 780000 | 780000 |
| Cost of goods sold | ||
| Beginning inventory | 54000 | 54000 |
| Purchase | 542000 | 542000 |
| Cost of goods available for sale | 596000 | 596000 |
| Less:Ending inventory | -160200 | -142200 |
| Cost of goods sold | 435800 | 453800 |
| Gross profit | 344200 | 326200 |
| Operating expense | 125000 | 125000 |
| Income before tax | 219200 | 201200 |
| Income tax | 65760 | 60360 |
| Net income | 153440 | 140840 |
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The management of Bonita Industries asks your help in determining the comparative effects of the FIFO...
Problem 6-04A a The management of Waterway Industries asks your help in determining the comparative effects...
Problem 6-04A a The management of Waterway Industries asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (12,000 units) Cost of 118,000 units purchased Selling price of 95,000 units sold Operating expenses $ 36,000 401,300 727,000 120,500 Units purchased consisted of 31,000 units at 53.20 on May 10; 66,000 units at $3.40 on August 15; and 21,000 units at $3.70 on...
The management of Windsor, Inc. asks your help in determining the comparative effects of the FIFO...
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The management of Sunland Company asks your help in determining the comparative effects of the FIFO...
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help please! The management of Tamarisk, Inc. asks your help in determining the comparative effects of the FIFO and LIF...
help please!
The management of Tamarisk, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these data. Inventory, January 1 (10,130 units) $33,429 Cost of 109,460 units purchased 399,385 Selling price of 105,180 units sold 813,000 Operating expenses 123,850 Units purchased consisted of 38,330 units at $3.50 on May 10; 64,300 units at $3.70 on August 15; and 6,830 units at $4.00 on November 20....
Question 5 View Policies Current Attempt in Progress The management of Kingbird, Inc. asks your help...
Question 5 View Policies Current Attempt in Progress The management of Kingbird, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (14,500 units) $ 43,500 Cost of 117,000 units purchased 398,000 Selling price of 102,000 units sold 780,000 Operating expenses 124,500 Units purchased consisted of 32,000 units at $3.20 on May 10; 63,000 units at $3.40 on August 15; and...
Problem 6-4A The management of Indigo Corporation asks your help in determining the comparative effects of...
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Problem 6-04A a The management of Metlock, Inc. asks your help in determining the comparative effects...
Problem 6-04A a
The management of Metlock, Inc. asks your help in determining
the comparative effects of the FIFO and LIFO inventory cost flow
methods. For 2022, the accounting records show these data.
Inventory, January 1 (14,500 units)
$ 58,000
Cost of 125,000 units purchased
550,600
Selling price of 98,000 units sold
750,000
Operating expenses
128,000
Units purchased consisted of 36,000 units at $4.20 on May 10;
63,000 units at $4.40 on August 15; and 26,000 units at $4.70 on...
Problem 6-4A Kimmel, Financial Accounting, de Help System Announcements Problem 6-4A The management of Metlock, Inc....
Problem 6-4A
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Problem 6-06A a1-a2 You are provided with the following information for Bonita Inc. Bonita Inc. uses...
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Problem 6-4A The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory...
Problem 6-4A The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2017 if either the FIFO or the LIFO method had been used. For 2017, the accounting records show these data: Inventories Purchases and Sales Beginning (10,000 units) $20,000 Total net sales (183,000 units) $896,700 Ending (17,000 units) Total cost of goods purchased (190,000 units) 492,000 Purchases...
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help please!
The management of Tamarisk, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records show these data. Inventory, January 1 (10,130 units) $33,429 Cost of 109,460 units purchased 399,385 Selling price of 105,180 units sold 813,000 Operating expenses 123,850 Units purchased consisted of 38,330 units at $3.50 on May 10; 64,300 units at $3.70 on August 15; and 6,830 units at $4.00 on November 20....
Question 5 View Policies Current Attempt in Progress The management of Kingbird, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (14,500 units) $ 43,500 Cost of 117,000 units purchased 398,000 Selling price of 102,000 units sold 780,000 Operating expenses 124,500 Units purchased consisted of 32,000 units at $3.20 on May 10; 63,000 units at $3.40 on August 15; and...
Problem 6-4A The management of Indigo Corporation asks your help in determining the comparative effects of the FIFO and UFO inventory cost Inventory, January 1 (9,060 units) $ 31,710 Cost of 113,780 units purchased 440483 Selling price of 97.160 units old 686,100 Operating expenses 122,180 hos For 2017, the account record e d Units purchased consisted of 37,370 $3.70 on May 10, 62,360 nit o n August 15 and 14,050 420 () Prepare comparative condensed income statements for 2017 under...
Problem 6-04A a
The management of Metlock, Inc. asks your help in determining
the comparative effects of the FIFO and LIFO inventory cost flow
methods. For 2022, the accounting records show these data.
Inventory, January 1 (14,500 units)
$ 58,000
Cost of 125,000 units purchased
550,600
Selling price of 98,000 units sold
750,000
Operating expenses
128,000
Units purchased consisted of 36,000 units at $4.20 on May 10;
63,000 units at $4.40 on August 15; and 26,000 units at $4.70 on...
Problem 6-4A
Kimmel, Financial Accounting, de Help System Announcements Problem 6-4A The management of Metlock, Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting reca Inventory, January 1 (9,060 units) $ 29,898 Cost of 125,320 units purchased 463,784 Selling price of 105,410 units sold 736,400 Operating expenses 112.040 Units purchased consisted of 37,990 units at $3.50 on May 10: 61,670 units at $3.70 on August 15; and...
Problem 6-06A a1-a2 You are provided with the following information for Bonita Inc. Bonita Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,100 liters at a cost of 70¢ per liter. March 3 Purchased 2,500 liters at a cost of 74¢ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 81¢ per liter. March 20 Purchased 2,400 liters at a cost of...
Problem 6-4A The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2017 if either the FIFO or the LIFO method had been used. For 2017, the accounting records show these data: Inventories Purchases and Sales Beginning (10,000 units) $20,000 Total net sales (183,000 units) $896,700 Ending (17,000 units) Total cost of goods purchased (190,000 units) 492,000 Purchases...
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