Nu Company reported the following pretax data for its first year of operations. Net sales 2,800...
Nu Company reported the following pretax data for its first year
of operations.
| Net sales | 2,800 | ||
| Cost of goods available for sale | 2,330 | ||
| Operating expenses | 820 | ||
| Effective tax rate | 30 | % | |
| Ending inventories: | |||
| If LIFO is elected | 950 | ||
| If FIFO is elected | 1,260 | ||
What is Nu's gross profit ratio if it elects LIFO? (Round
your answer to the nearest whole percentage.)
Homework Answers
| Sales | $2800 | ||
| Less: | |||
| Cost Of Goods Sold | 1380 | ||
| ($2330-950) | |||
| Gross profit | 1420 | ||
| Gross Profit Ratio = Gross Profit / Sales | |||
| = $1420/2800 | |||
| =51 % | |||
Add Answer to:
Nu Company reported the following pretax data for its first year
of operations.
Net sales
2,800...
Nu Company reported the following pretax data for its first year of operations. Net sales 2,970...
Nu Company reported the following pretax data for its first year of operations. Net sales 2,970 Cost of goods available for sale 2,330 Operating expenses 820 Effective tax rate 20 % Ending inventories: If LIFO is elected 840 If FIFO is elected 1,150 What is Nu's net income if it elects FIFO? Multiple Choice $970. $776. $528. $1,790.
MC Qu. 55 Nu Company reported the following... Nu Company reported the following pretax data for...
MC Qu. 55 Nu Company reported the following... Nu Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,960 2,440 810 40% 980 1,260 What is Nu's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.)
Nu Company reported the following pretax data for its first year of operations 2,920 2,330 710...
Nu Company reported the following pretax data for its first year of operations 2,920 2,330 710 30% Net sales Cost of goods available for sale :04 Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 990 1,150 What is Nu's net income if it elects LIFO?
Nu Company reported the following pretax data for its first year of operations. Net sales 2,960...
Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of goods available for sale 2,430 Operating expenses 730 Effective tax rate 40 % Ending inventories: If LIFO is elected 970 If FIFO is elected 1,120 What is Nu's net income if it elects FIFO?
Nu Company reported the following pretax data for its first year of operations. Net sales Cost...
Nu Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,900 2,350 840 209 850 1,170 What is Nu's net income if it elects FIFO? Multiple Choice $448. $704 O $880 $4720
Nu Company reported the following pretax data for its first year of operations. Net sales Cost...
Nu Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,880 2,450 830 20% 860 1,100 What is Nu's net income if it elects FIFO? Multiple Choice $1,530 Multiple Choice o $1,530. o $560. o $368 o $700.
View previous attempt Nu Company reported the following pretax data for its first year of operations....
View previous attempt Nu Company reported the following pretax data for its first year of operations. 2,930 2, 490 820 Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 30% 930 1,070 What is Nu's net income if it elects FIFO? Multiple Choice • $385. 0 $1,510 0 $483 o $690.
MC Qu. 54 Nu Company reported the following... Nu Company reported the following pretax data for its first year of...
MC Qu. 54 Nu Company reported the following... Nu Company reported the following pretax data for its first year of operations. Net sales 2,810 Cost of goods available for sale Operating expenses 2,430 740 Effective tax rate 30% Ending inventories : If LIFO is elected 910 If FIFO is elected 1,180 What is Nu's net income if it elects LIFO?
MC Qu. 53 Nu Company reported the following... Nu Company reported the following pretax data for...
MC Qu. 53 Nu Company reported the following... Nu Company reported the following pretax data for its first year of operations. 2,940 2,390 860 Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 30% 860 1,250 What is Nu's net income if it elects FIFO?
Nu Company reported the following pretax data for its first year of operations. 20 3.33 points...
Nu Company reported the following pretax data for its first year of operations. 20 3.33 points Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,840 2,380 850 20% 8 00:53:43 990 1,160 What is Nu's net income if it elects FIFO? Multiple Choice 0 $616. 0 $770 O $480 0 $1,620
MC Qu. 55 Nu Company reported the following... Nu Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,960 2,440 810 40% 980 1,260 What is Nu's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.)
Nu Company reported the following pretax data for its first year of operations 2,920 2,330 710 30% Net sales Cost of goods available for sale :04 Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 990 1,150 What is Nu's net income if it elects LIFO?
Nu Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,900 2,350 840 209 850 1,170 What is Nu's net income if it elects FIFO? Multiple Choice $448. $704 O $880 $4720
Nu Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,880 2,450 830 20% 860 1,100 What is Nu's net income if it elects FIFO? Multiple Choice $1,530 Multiple Choice o $1,530. o $560. o $368 o $700.
View previous attempt Nu Company reported the following pretax data for its first year of operations. 2,930 2, 490 820 Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 30% 930 1,070 What is Nu's net income if it elects FIFO? Multiple Choice • $385. 0 $1,510 0 $483 o $690.
MC Qu. 54 Nu Company reported the following... Nu Company reported the following pretax data for its first year of operations. Net sales 2,810 Cost of goods available for sale Operating expenses 2,430 740 Effective tax rate 30% Ending inventories : If LIFO is elected 910 If FIFO is elected 1,180 What is Nu's net income if it elects LIFO?
MC Qu. 53 Nu Company reported the following... Nu Company reported the following pretax data for its first year of operations. 2,940 2,390 860 Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 30% 860 1,250 What is Nu's net income if it elects FIFO?
Nu Company reported the following pretax data for its first year of operations. 20 3.33 points Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 2,840 2,380 850 20% 8 00:53:43 990 1,160 What is Nu's net income if it elects FIFO? Multiple Choice 0 $616. 0 $770 O $480 0 $1,620
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