Calculate the amount of operating expenses

Assignment Help Accounting Basics

Reference no: EM13258605

ABC Company employs a periodic inventory system and sells its inventoryto customers for $25 per unit. ABC Company had the following inventory information availablefor the month of May:

May1 Beginning inventory 5,000 units @ $9 cost perunit
May6 Purchased 4,000 units @ $11 cost per unit
May8 Sold 3,000 units
May13 Purchased 2,000 units @ $5 cost per unit
May18 Sold 2,500 units
May21 Purchased 2,500 units @ $8 cost per unit
May28 Sold 1,800 units
May30 Purchased 2,000 units @ $18 cost per unit

Assume ABCCompany uses the LIFO inventory costing method andthat ABC Company's income statement for May showed an income tax rate of 35%, an income tax expenseamount of $30,275, and a net income of $56,225.

Calculate the amount of operating expenses incurred by ABC Company during May. Do not use decimals in your answer.

Reference no: EM13258605

Questions Cloud

Determine the taxpayer gross income : Determine the taxpayer's gross income for tax purposed in each of the following situations:

Discuss the result of social structure : Bradley Wright: "Merton's Strain Theory, Crime, and My Pants." This article talks about the kinds of responses that one might expect when the "normal" legitimate means to acquiring the "good" stuff in life is blocked.

Find the profitable number of alpha model of mini computer : MSA Computer Corporation manufactures two models of minicomputers,the Alpha 4 and the Beta 5. Determine the most profitable number of Alpha-4 model of minicomputer to produce during the coming month.

Calculate the total energy of the system : A 45.0-g object connected to a spring with a force constant of 30.0 N/m oscillates with an amplitude of 4.00 cm on a frictionless, horizontal surface. calculate the total energy of the system

Calculate the amount of operating expenses : Calculate the amount of operating expenses incurred by ABC Company during May. Do not use decimals in your answer.

Explain the pressure of the components on the left is p : Thus the pressure of the components on the left is P where as the pressure on the components on the right is P+Y. To make this clear I will write the chemical potentials as a function of the pressure (eg u1* (P) for the pure solvent on the left)

Amount of depreciation expense for the second year : assuming the first year depreciation expense was recorded properly what would be the amount of depreciation expense for the second year?

Describe the pros and cons of marketing idea : Describe the pros and cons of marketing idea proposed by the company from the both a financial and non-financial perspective.

What is thermally generated density of electrons and holes : Silicon, originally intrinsic, is doped with 4*10^16 /cm^3 of arsenic atoms at room temperature. a) What proportion of the silicon atoms have been replaced by arsenic atoms b) What is the thermally generated density of electrons and holes

User Account

All Pages