Cyclone co uses the periodic inventory system the

Reference no: EM13614763

Cyclone Co. uses the periodic inventory system. The followinginformation about their inventory of Model XX Mountain Bicycles isavailable: please show work

Date	Transaction	Number of Units	Cost per Unit
1/1	Beginning Inventory	50	$800
4/12	Purchase	80	$820
7/8	Purchase	75	$840
9/22	Purchase	90	$850

During the year, 235 bicycles were sold at a price of $1,500each. Other operating costs equaled $80,000 and their tax rateis 30%. Round final answers to the nearest dollar.

a) What was ending inventory and cost of goods sold on 12/31under the FIFO cost flow assumption?

b) What was ending inventory and cost of goods sold on 12/31under the LIFO cost flow assumption?

c) What was ending inventory and cost of goods sold on 12/31under the weighted average cost flow assumption?

d) How much is gross margin under the FIFO method for the yearended 12/31?

e) How much is income tax expense under the LIFO method as of12/31?

f) How much tax is saved using LIFO instead of FIFO costing asof 12/31?

Reference no: EM13614763

Questions Cloud

It is found experimentally that the electric field in a : it is found experimentally that the electric field in a certain region of earths atmosphere is directed vertically

Apr 15 paid the first installment of the estimated taxfor : illustrate the effects on the accounts and financial statementsof recording the following selected transactions of lone

Rock on magazine co sold 11400 annual subscriptions of rock : rock on magazine co. sold 11400 annual subscriptions of rock onfor 35 during december 2008. these new subscribers

Toys r us had cost of goods sold in 2004 of7506 million and : a on march 10 anthony company received merchandise forresale from its normal supplier. the price was 3600 withterms of

Cyclone co uses the periodic inventory system the : cyclone co. uses the periodic inventory system. the followinginformation about their inventory of model xx mountain

From past experience it is known that 90 of one-year old : from past experience it is known that 90 of one-year old children can distinguish their mothers voice from the voice of

On january 1 2005 streetsmart financial inc purchased : on january 1 2005 streetsmart financial inc. purchased theassets of nit insurance co. for 40000000 a price reflecting

Find the mean variance and standard diviation of the : find the mean variance and standard diviation of the binomial distribution with the given values of n and pn- 121 p

A market-research firm has discovered that 30 of the people : a market-research firm has discovered that 30 of the people who earn between 25000 and 50000 per year have bought a new

User Account

All Pages