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