Pina Colada Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022...
Pina Colada Corp. had the following inventory transactions occur during 2022:
|
Units |
Cost/unit |
|||||
|---|---|---|---|---|---|---|
|
Feb. 1, 2022 |
Purchase |
99 | $99 | |||
|
Mar. 14, 2022 |
Purchase |
171 | $103 | |||
|
May 1, 2022 |
Purchase |
121 | $108 |
The company sold 281 units at $139 each and has a tax rate of 30%.
Assuming that a periodic inventory system is used, what is the
company’s gross profit using LIFO?
$10457
$28602
$29548
$9511
Homework Answers
Answer is $9,511
Number of units sold = 281
Selling price per unit = $139
Sales revenue = 281 * $139
Sales revenue = $39,059
Units sold include 121 units from May 1 purchase and 160 units from March 14 purchase.
Cost of goods sold = 121 * $108 + 160 * $103
Cost of goods sold = $29,548
Gross profit = Sales revenue - Cost of goods sold
Gross profit = $39,059 - $29,548
Gross profit = $9,511
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Pina Colada Corp. had the following inventory transactions occur
during 2022:
Units
Cost/unit
Feb. 1, 2022...
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