Through mid december of 2011 purchases were limited to 8000

Assignment Help Accounting Basics

Reference no: EM13573080

Cork Company imports and sells a product produced in Canada. In the summer of 2011, a natural disaster disrupted production, affecting its supply of product. Cork uses the LIFO inventory method. On January 1, 2011, Cork's inventory records were as follows:

Year purchased	Quantity (units)	Cost per unit	Total cost
2009	2,000	$40	$ 80,000
2010	5,000	$55	275,000
Total	7,000		$355,000

Through mid December of 2011, purchases were limited to 8,000 units, because the cost had increased to $80 per unit. Cork sold 14,200 units during 2011 at a price of $98 per unit, which significantly depleted its inventory.

Assume that Cork makes no further purchases during 2011. Compute Cork's gross profit for 2011.

Reference no: EM13573080

Questions Cloud

Optic matrix inc plans 3200 hours of production for the : optic matrix inc. plans 3200 hours of production for the yokohama cell for the year. the materials cost is 125 per

Flyer estimates bad debt expense assuming that 15 of credit : flyer company has provided the following information prior to any year-end bad debt adjustment cash sales 150000 credit

He estimates his gross pay eah year for the next 3 years : joseph has just accepted a job as a stockbroker. he estimates his gross pay eah year for the next 3 years is 35.00 in

Snake creek company has one trusted employee who as the : snake creek company has one trusted employee who as the owner said handles all of the book-keeping and paperwork for

Through mid december of 2011 purchases were limited to 8000 : cork company imports and sells a product produced in canada. in the summer of 2011 a natural disaster disrupted

For this assignment you are to create a poster using pop : for this assignment you are to create a poster using pop art or op art influences. research the following artists for

Catseye marble co is thinking of replacing a manual : catseye marble co is thinking of replacing a manual production process with a machine. the manual process requires

Cba company reported total stockholders equity of 85000 on : 1.at company purchased a tractor at a cost of 60000 on january 1 2010. the tractor has an estimated residual value of

Harrington inc is introducing a new product in its line of : harrington inc. is introducing a new product in its line of household appliances. household products generally have 10

User Account

All Pages