Question

6- Kingbird has the following inventory data: Nov. 1 Inventory 34 units @ $6.80 each 8...

6- Kingbird has the following inventory data:

Nov. 1

Inventory

34 units @ $6.80 each

8

Purchase

137 units @ $7.35 each

17

Purchase

68 units @ $7.20 each

25

Purchase

103 units @ $7.50 each


A physical count of merchandise inventory on November 30 reveals that there are 114 units on hand. Ending inventory under FIFO is

$1649.

$819.

$852.

$1681.

7- Marigolds has the following inventory data:

Nov. 1

Inventory

23 units @ $4.70 each

8

Purchase

94 units @ $5.05 each

17

Purchase

47 units @ $4.90 each

25

Purchase

70 units @ $5.10 each


A physical count of merchandise inventory on November 30 reveals that there are 78 units on hand. Cost of goods sold under LIFO is

$774.

$396.

$386.

$784.

8- Novak Corp. had the following inventory transactions occur during 2022:

Units

Cost/unit

Feb. 1, 2022

Purchase

132

$55

Mar. 14, 2022

Purchase

227

$57

May 1, 2022

Purchase

161

$60


The company sold 373 units at $77 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $2196, what is the company’s after-tax income using LIFO?

$3346.70

$5486.00

$3840.20

$4781.00

9- At May 1, 2022, Bramble Corp. had beginning inventory consisting of 290 units with a unit cost of $7. During May, the company purchased inventory as follows:

▪ 590 units at $7
▪ 880 units at $8
The company sold 1470 units during the month for $12 per unit. Bramble Corp. uses the average cost method. The value of Bramble Corp.'s inventory at May 31, 2022 is (Round average cost per unit to 2 decimal places, e.g. 12.52.)

$13200.

$2175.

$2030.

$2320.

10-The manager of Bramble is given a bonus based on net income before taxes. The net income after taxes is $56610 for FIFO and $48000 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?

$17220

$2460

$8610

$12300

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Answer #1

Question No (6) Ending Inventory under FIFO : 103 Units @ 7.50 11 Units @ 7.20 $ $ $ 773 79 852 Option [C] is correct - $852

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