Army-navy surplus sold 320 tents and at march 31 the ending

Assignment Help Accounting Basics

Reference no: EM13482172

Army-Navy Surplus began March with 70 tents that cost $20 each. During the month, Amy-Navy Surplus made the following purchases at cost:

March4 100 tents @ $22 = $2,200
19 160 " @ 24 = 3,840
25 40" @ 25 = 1,000

Army-Navy Surplus sold 320 tents, and at March 31 the ending inventory consists of 50 tents. The sale price of each tent was $45.

Question:

Prepare Army-Navy Surplus's income statement for March. Report gross profit. Operating expenses totaled, $4,000. Army-Navy usesavg. costing for inventory. The income tax rate is 40%.

Additional Info:

The total i got for the avg cost before the Inc. Stmt. was $7,299, FIFO cost was $7,200, and LIFO cost was $7,400.

Reference no: EM13482172

Questions Cloud

How much revenue per account would be sufficient for sprint : sprint nextel is one of the largest digital wireless service providers in the united states. in a recent year it had

Lucky products markets two computer games predator and : exercise 5-10 compute the break-even point for a multiproduct company lo9lucky products markets two computer games

Calculate the profit margin and gross profit rate for the : the following selected data was retrieved from the wal-mart inc. financial statements for the year ending january 31

What amount of accounts receivable would google party : google party planners had a 40000 balance in accounts receivable and a 3000 credit balance in allowance for

Army-navy surplus sold 320 tents and at march 31 the ending : army-navy surplus began march with 70 tents that cost 20 each. during the month amy-navy surplus made the following

Using the information provided prepare a balance sheet : below you will find selected information in millions from coca-cola co.s 2012 annual report income taxes

Specialty metals inc a fast-growing company that makes : specialty metals inc. a fast-growing company that makes metals for equipment manufacturers has an 800000 line of

Given the following information compute the current and : given the following information compute the current and quick ratioscash 100000accounts receivable 357000inventory

Gentry inc acquired 100 of gaspard farms on january 5 2010 : gentry inc. acquired 100 of gaspard farms on january 5 2010. during 2010 gentry sold gaspard farms for 625000 goods

User Account

All Pages