User Account

All Pages

What is the company gross profit using fifo

Assignment Help Financial Accounting
Reference no: EM132672068

Whispering Winds Corp. had the following inventory transactions occur during 2022:

                                            Units              Cost/unit

Feb. 1, 2022 Purchase      83                    $83

Mar. 14, 2022 Purchase    143                   $86

May 1, 2022 Purchase       101                  $90

Problem 1: The company sold 235 units at $116 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO?

A. $20614

B. $19997

C. $7263

D. $6646

Reference no: EM132672068

Questions Cloud

The emergence of democratic movements : The emergence of the democratic movements in the Arab Spring, and the overthrow of many of the regions long-standing rulers
What gain or loss was recognized : What gain (loss) was recognized in 2018, 2019, and 2020 if Jenny elected to treat the cutting as a sale? What was the nature of the gains (losses) in part (a)
Determine the amount of gross working capital : Joe Fellows is attempting to categorize, List accounts classified as current assets and as current liabilities. Determine the amount of gross working capital
What current public health event or issue do you believe has : What current public health event or issue do you believe has the greatest impact on the U.S. health care system? Why? The response must be typed.
What is the company gross profit using fifo : 235 units at $116 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO?
Viewpoint of emergency management procedures : Determine whether or not your personal viewpoint of emergency management procedures has changed as a result of this course.
Post descriptions of the two performance models : Post descriptions of the two performance models you selected. Then, explain how those performance models might add value to the performance appraisal process.
What should bernie pay for each bike : If the manufacturer's list price is $470, what should Bernie pay for each bike if he orders 110 bikes at a time, assembles the bikes, and displays and advertise
What is the amount and character of Gaston gain or loss : In addition, the amount of the recapture potential is $55,000. What is the amount and character of Gaston's gain or loss

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd