Calculate the amount of net income reported on mt glass

Reference no: EM131920655

Problem

M.T. Glass, Inc. employs a periodic inventory system and sells its inventory to customers for $12.75 per unit. At June 1, 2018, M.T. Glass had 8,000 units of inventory costing $5.50 per unit on hand. During June, M.T. Glass recorded the following purchases of inventory: June 9 13,000 units purchased at $3.05 per unit June 17 9,000 units purchased at $4.25 per unit June 26 10,000 units purchased at $7.05 per unit During June, M.T. Glass sold 26,000 units, reported operating expenses of $140,000 and had an income tax rate of 35%. Calculate the amount of net income reported on M.T. Glass, Inc.'s income statement for June using the FIFO method.

Reference no: EM131920655

Questions Cloud

At what price must pens be sold to obtain a monthly profit : A producer of felt-tip pens has received a forecast of demand of 34,000 pens for the coming month from its marketing department.

Which city appears to be the better choice : A manufacturer has decided to locate a new factory in northwestern United States to serve growing demand in that market.

Calculate the unit cost of mt glass beginning inventory : Calculate the unit cost of M.T. Glass' beginning inventory. Enter your answer with two places after the decimal point (i.e., $9.80).

Compute mad for each set of forecasts : Compute MAD for each set of forecasts. Given your results, which forecast appears to be more accurate?

Calculate the amount of net income reported on mt glass : Calculate the amount of net income reported on M.T. Glass, Inc.'s income statement for June using the FIFO method.

Compute the order price at which msi would be indifferent : Should MSI accept the special order? Compute the special order price at which MSI would be indifferent between accepting or rejecting the special order.

What sequence should be used : The Budd Gear Co. specializes in heat-treating gears for automobile companies. At 8:00 a.m., when Budd's shop opened today.

Compute cost of goods purchased and cost of goods sold : Assuming that Mountain Lake Corporation uses the periodic system, compute cost of goods purchased and cost of goods sold.

What is the maximum number of connection requests : A connection request packet is L = 125 bytes long and the channel has a bit rate of Rb = 100 Kbit/s. What is the maximum number of connection requests per unit.

User Account

All Pages