Homework Answers
| QP CORP. | |||
| Income Statements Comparing FIFO, LIFO, and Weighted Average | |||
| For Year Ended December 31, 2017 | |||
| FIFO | LIFO | Weighted Avg | |
| Sales | $ 248,775.00 | $ 248,775.00 | $ 248,775.00 |
| Cost of goods sold | |||
| Inventory, Dec 31, 2016 | $ 14,625.00 | $ 14,625.00 | $ 14,625.00 |
| Cost of Purchases | $ 145,550.00 | $ 145,550.00 | $ 145,550.00 |
| Cost of goods available for sale | $ 160,175.00 | $ 160,175.00 | $ 160,175.00 |
| Less: Inventory, Dec 31, 2017 | 44650 | 38200 | $ 41,976.90 |
| Cost of Goods sold | $ 115,525.00 | $ 121,975.00 | $ 118,198.10 |
| Gross Profit | $ 133,250.00 | $ 126,800.00 | $ 130,576.90 |
| Expenses | $ 40,125.00 | $ 40,125.00 | $ 40,125.00 |
| Income before taxes | $ 93,125.00 | $ 86,675.00 | $ 90,451.90 |
| Income Tax | $ 27,937.50 | $ 26,002.50 | $ 27,135.57 |
| Net Income | $ 65,187.50 | $ 60,672.50 | $ 63,316.33 |
Add Answer to:
QP Corp. sold 5.350 units of its product at $46.50 per unit In year 2017 and...
QP Corp. sold 5,410 units of its product at $45.90 per unit during the year and...
QP Corp. sold 5,410 units of its product at $45.90 per unit during the year and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 690 units @ $18.90 per unit 1,590 units @ $19.90 per unit 790 units @ $20.90 per unit...
please, explain all the answers! QP Corp. sold 5,420 units of its product at $45.80 per...
please, explain all the
answers!
QP Corp. sold 5,420 units of its product at $45.80 per unit during the year and incurred operating expenses of $6.80 per unit in selling the units. It began the year with 680 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 680 units @ $18.80 per unit 1,580 units @ $19.80 per unit 780...
Problem 5-8A Periodic: Income comparisons and cost flows LO A1, P1 QP Corp. sold 5,490 units...
Problem 5-8A Periodic: Income comparisons and cost flows LO A1, P1 QP Corp. sold 5,490 units of its product at $45.10 per unit during the year and incurred operating expenses of $6.10 per unit in selling the units. It began the year with 610 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 610 units @ $18.10 per unit 1,510...
Problem 5-8AA Periodic: Income comparisons and cost flows LO A1, P3 QP Corp. sold 5,430 units...
Problem 5-8AA Periodic: Income comparisons and cost flows LO A1, P3 QP Corp. sold 5,430 units of its product at $45.70 per unit during the year and incurred operating expenses of $6.70 per unit in selling the units. It began the year with 670 units in inventory and made successive purchases of its product as follows. 670 units $18.70 per unit 1,570 units $19.70 per unit 770 units e $20.70 per unit 470 units e $21.70 per unit 3,370 units...
In 2017, Dangerous Dragon, Inc. (a retail clothing company) sold 578,916 units of its product at...
In 2017, Dangerous Dragon, Inc. (a retail clothing company) sold 578,916 units of its product at an average price of $ 20 per unit. The company reported estimated Returns and allowances in 2017 of 3 percent of gross revenue. Dangerous Dragon actually purchased 550,000 units of its product from its manufacturer in 2017 at an average cost of $11 per unit. Dangerous Dragon began 2017 with 85,000 units of its product in inventory (carried at an average cost of $11...
Seminole Company began the year with 20,500 units of product in its January 1 inventory costing...
Seminole Company began the year with 20,500 units of product in its January 1 inventory costing $15.10 each. It made successive purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 36,000 units of its product remain in inventory. Mar. 7 29,000 units @ $18.10 each May 25 31,000 units @ $22.10 each Aug. 1 21,000 units @ $24.10 each Nov. 10 33,500 units @ $27.10...
Aranas Manufacturing, a tool retailer, began year 20x7 with 21,500 units of product in its January...
Aranas Manufacturing, a tool retailer, began year 20x7 with 21,500 units of product in its January 1 inventory, at a cost of $12.50 for each unit. It made successive purchases of its product in year 20x7, as follows. The company uses a periodic inventory system. On December 31, 20x7, a physical count reveals that 35,000 units of its product remain in inventory. Mar. 7 25,000 units @ $16 each May 25 41,500 units @ $19 each Aug. 1 22,750 units...
Sheffield Corp. began the year with 8 units of marine floats at a cost of $8...
Sheffield Corp. began the year with 8 units of marine floats at a cost of $8 each. During the year, it made the following purchases: May 5, 30 unit at $17; July 16, 16 units at $20; and December 7, 21 units at $23. Assume there are 25 units on hand at the end of the period. Sheffield uses the periodic approach. A. Determine cost of goods sold under FIFO B. Determine cost of goods sold under LIFO C. Calculate...
Obama Company sells its product for $30 per unit. During 2020, it produced 25500 units and sold 13000 units (there was no beginning inventory).
Obama Company sells its product for $30 per unit. During 2020, it produced 25500 units and sold 13000 units (there was no beginning inventory). Costs per unit are: direct materials $8, direct labour $7, and variable overhead $6. Fixed costs are: $331500 manufacturing overhead, and $51000selling and administrative expenses. The per-unit manufacturing cost under variable costing isa. $21.00.b. $34.00.c. $36.00.d. $46.50.
Part 3 Aranas Manufacturing, a tool retailer, began year 20x7 with 21,500 units of product in...
Part 3 Aranas Manufacturing, a tool retailer, began year 20x7 with 21,500 units of product in its January 1 inventory, at a cost of $12.50 for each unit. It made successive purchases of its product in year 20x7, as follows. The company uses a periodic inventory system. On December 31, 20x7, a physical count reveals that 35,000 units of its product remain in inventory Mar. 7 25,000 units @ $16 each May 25 41,500 units @ $19 each Aug. 1...
QP Corp. sold 5,410 units of its product at $45.90 per unit during the year and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 690 units @ $18.90 per unit 1,590 units @ $19.90 per unit 790 units @ $20.90 per unit...
please, explain all the
answers!
QP Corp. sold 5,420 units of its product at $45.80 per unit during the year and incurred operating expenses of $6.80 per unit in selling the units. It began the year with 680 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 680 units @ $18.80 per unit 1,580 units @ $19.80 per unit 780...
Problem 5-8A Periodic: Income comparisons and cost flows LO A1, P1 QP Corp. sold 5,490 units of its product at $45.10 per unit during the year and incurred operating expenses of $6.10 per unit in selling the units. It began the year with 610 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 610 units @ $18.10 per unit 1,510...
Problem 5-8AA Periodic: Income comparisons and cost flows LO A1, P3 QP Corp. sold 5,430 units of its product at $45.70 per unit during the year and incurred operating expenses of $6.70 per unit in selling the units. It began the year with 670 units in inventory and made successive purchases of its product as follows. 670 units $18.70 per unit 1,570 units $19.70 per unit 770 units e $20.70 per unit 470 units e $21.70 per unit 3,370 units...
In 2017, Dangerous Dragon, Inc. (a retail clothing company) sold 578,916 units of its product at an average price of $ 20 per unit. The company reported estimated Returns and allowances in 2017 of 3 percent of gross revenue. Dangerous Dragon actually purchased 550,000 units of its product from its manufacturer in 2017 at an average cost of $11 per unit. Dangerous Dragon began 2017 with 85,000 units of its product in inventory (carried at an average cost of $11...
Part 3 Aranas Manufacturing, a tool retailer, began year 20x7 with 21,500 units of product in its January 1 inventory, at a cost of $12.50 for each unit. It made successive purchases of its product in year 20x7, as follows. The company uses a periodic inventory system. On December 31, 20x7, a physical count reveals that 35,000 units of its product remain in inventory Mar. 7 25,000 units @ $16 each May 25 41,500 units @ $19 each Aug. 1...
Most questions answered within 3 hours.
-
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 25 minutes ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 1 hour ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 3 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 3 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 4 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 6 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 6 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 6 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 6 hours ago