What is needles cos net income ending inventory and tax

Assignment Help Accounting Basics

Reference no: EM13605272

Needles Co. begins operations in January, 2010 as a retailer of widgets. Its purchases and sales during the first quarter of 2010 are as below:
January 1: Purchases 2 widgets for $100 each.
January 15: Purchases 1 widget for $200.
February 1: Purchases 1 widget for $300.
March 1: Sells 3 widgets for $400 each.

The firm faces a tax rate of 30%. Assume the firm has no expenses other than cost of goods sold and taxes.
Required:
1. What is Needles Co.'s net income, ending inventory and tax expense for the quarter if it uses the weighted average cost method to value inventory?
2. What is Needles Co.'s net income, ending inventory and tax expense for the quarter if it uses the FIFO method to value inventory?
3. What is Needles Co.'s net income, ending inventory and tax expense for the quarter if it uses the LIFO method to value inventory?

Reference no: EM13605272

Questions Cloud

An electric dipole consists of charges 2e and -2e separated : an electric dipole consists of charges 2e and -2e separated by 1.0 nm. it is in an electric field of strength 4.0 x 106

New wave technology inc manufactures and sells two products : new wave technology inc. manufactures and sells two products mp3 players and satellite radios. the fixed costs are

Bearing true bearing of line is 300 and the magnetic : true bearing of line is 300 and the magnetic declination is 30 w its magnetic bearing is what ? and next q. if the back

A uniform electric field exists in a region between two : a uniform electric field exists in a region between two oppositely charged plates. an electron is released from rest at

What is needles cos net income ending inventory and tax : needles co. begins operations in january 2010 as a retailer of widgets. its purchases and sales during the first

Prepare the journal entries required to adjust the : prepare the journal entries required to adjust the inventory records at year-end assuming that marios uses the

Plastics and other polymeric materials are expensive with : plastics and other polymeric materials are expensive with respect to steel and are usually more costly than aluminum

In a statistical test of hypotheses we reject the null : 1. in a statistical test of hypotheses we reject the null hypothesis at alpha ifa the p-value is smaller than alpha.b

You may use any of the additional resources listed in the : you may use any of the additional resources listed in the drop-down menu above to help you complete this activity but

User Account

All Pages