The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its...
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 22,200 units consisted of the following, listed in chronological order of acquisition: 13,100 units at a cost of $9.00 per unit = $117,900 9,100 units at a cost of $10.00 per unit = 91,000 During 2021, inventory quantity declined by 12,200 units. All units purchased during 2021 cost $13.00 per unit. Required: Calculate the before-tax LIFO liquidation profit or...
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 23,200 units consisted of the following, listed in chronological order of acquisition: 13,600 units at a cost of $9.00 per unit = $122,400 9,600 units at a cost of $10.00 per unit = 96,000 During 2021, inventory quantity declined by 13,200 units. All units purchased during 2021 cost $13.00 per unit. Required: Calculate the before-tax LIFO liquidation profit or...
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 21,600 units consisted of the following, listed in chronological order of acquisition: 12,800 units at a cost of $8.00 per unit = $102,400 8,800 units at a cost of $9.00 per unit = 79,200 During 2021, inventory quantity declined by 11,600 units. All units purchased during 2021 cost $12.00 per unit. Required: Calculate the before-tax LIFO liquidation profit or...
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 23,400 units consisted of the following, listed in chronological order of acquisition: 13,700 units at a cost of $8.00 per unit = $109,600 9,700 units at a cost of $9.00 per unit = 87,300 During 2021, inventory quantity declined by 13,400 units. All units purchased during 2021 cost $12.00 per unit. Required: Calculate the before-tax LIFO liquidation profit or...
The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 40,000 units consisted of the following, listed in chronological order of acquisition: 24,000 units at a cost of $6.00 per unit = $144,000 16,000 units at a cost of $7.00 per unit =112,000 During 2019, inventory quantity declined by 19,000 units. All units purchased during 2016 cost $8.00 per unit. 1c. Calculate the before-tax LIFO liquidation profit or loss...
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with $70,300 in inventory of its only product. The beginning inventory consisted of the following layers: 4, 100 units at $7 per unit 5, 200 units at $8 per unit $28, 700 41, 600 $70, 300 Total During 2018, 6,100 units were purchased at $9 per unit and during 2019, 7,200 units were purchased at $10 per unit. Sales, in units,...
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2021 with $77,200 in inventory of its only product. The beginning inventory consisted of the following layers: 5,600 units at $5 per unit 8,200 units at $6 per unit Total $28,000 49,200 $77,200 During 2021, 7,600 units were purchased at $7 per unit and during 2022, 10,200 units were purchased at $8 per unit. Sales, in units, were 10,200 and 18,400 during...
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with $70,300 in inventory of its only product. The beginning inventory consisted of the following layers: 4,100 units at $7 per unit $ 28,700 5,200 units at $8 per unit 41,600 Total $ 70,300 During 2018, 6,100 units were purchased at $9 per unit and during 2019, 7,200 units were purchased at $10 per unit. Sales, in units, were 7,200...
Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company’s records under this system reveal the following inventory layers at the beginning of 2021 (listed in chronological order of acquisition): 18,500 units @ $20 $ 370,000 23,500 units @ $25 587,500 Beginning inventory $ 957,500 During 2021, 47,000 units were purchased for $30 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 58,000 units at various...
Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company's records under this system reveal the following inventory layers at the beginning of 2021 (listed in chronological order of acquisition): 10,500 units 510 15,500 units $15 Beginning inventory $105,000 232,500 $337,500 During 2021, 31,000 units were purchased for $20 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 39,000 units at various prices, leaving 18,000 units...