1 | ||||
Case A | Case B | |||
FIFO | LIFO | |||
Sales Revenue | 558960 | 558960 | ||
Cost of goods sold: | ||||
Beginning inventory | 34200 | 34200 | ||
Purchases | 208600 | 208600 | ||
Goods available for sale | 242800 | 242800 | ||
Ending inventory | 127500 | 93200 | ||
Cost of goods sold | 115300 | 149600 | ||
Gross Profit | 443660 | 409360 | ||
Operating expenses | 193500 | 193500 | ||
Pretax income | 250160 | 215860 | ||
Workings: | ||||
Sales Revenue | 558960 | =10960*51 | ||
Beginning inventory | 34200 | =2850*12 | ||
Purchases | 208600 | =(8860*10)+(8000*15) | ||
Ending inventory units | 8750 | =2850+8860+8000-10960 | ||
Ending inventory: | ||||
FIFO | 127500 | =(8000*15)+(8750-8000)*10 | ||
LIFO | 93200 | =(2850*12)+(8750-2850)*10 | ||
[The following information applies to the questions displayed below.] Broadhead Company uses a periodic inventory syste...
[The following information applies to the questions displayed below.] Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,870 Unit Cost $ 13 11 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,900 7,910 10,860 $186,000 Required: 1. Prepare a separate...
[The following information applies to the questions displayed below.) Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,860 Unit Cost $ 14 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,870 7,980 10,830 $186,500 Required: 1. Prepare a separate...
[The following information applies to the questions displayed below.] Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,850 Unit Cost $ 13 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($53 each) Operating expenses (excluding income tax expense) 8,840 7,820 10,860 11 16 $186,500 2. Compute the difference...
Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,850 Unit Cost S 13 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($53 each) Operating expenses (excluding income tax expense) 8,840 7.820 10,860 16 $186,500 value: 10.00 points Required information Required: 1. Prepare a separate income statement through pretax...
Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year 2,990 $ 14 For the current year: Purchase, April 11 8,980 12 Purchase, June 1 7,990 17 Sales ($57 each) 10,820 Operating expenses (excluding income tax expense) $ 193,500 . Prepare a separate income statement through pretax income that details cost...
Required information [The following information applies to the questions displayed below. Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,860 Unit Cost $ 14 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($51 each) Operating expenses (excluding income tax expense) 8,870 7,980 10,830 $186,500 2. Compute the...
Required information [The following information applies to the questions displayed below.) Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,830 Unit Cost $11 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($56 each) Operating expenses (excluding income tax expense) 8, 940 7,870 10,980 $ 192,000 Required: 1. Prepare...
Required information [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year 2,840 $ 14 For the current year: Purchase, April 11 8,840 15 Purchase, June 1 7,940 20 Sales ($53 each) 10,910 Operating expenses (excluding income tax expense) $ 188,000 Required:...
Required information [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,870 Unit Cost $ 12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) 8,820 7,920 10,830 13 18 $187,500 Required: 1....
The following information applies to the questions displayed below Beck Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product2 Units Unit Cost 7400 $12 Inventory December 31, prior year For the current year 19.400 10.400 8.400 6.400 Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) Operating expenses (excluding income tax expense) 10 $404.000 14. Required information...