User Account

All Pages

What is the company gross profit using LIFO

Assignment Help Managerial Accounting
Reference no: EM133027858

Question - Wildhorse Co. had the following inventory transactions occur during 2022:

 

 

Units

Cost/Unit

Feb. 1, 2022

Purchase

117

$49

Mar. 14, 2022

Purchase

201

$51

May 1, 2022

Purchase

143

$53

The company sold 330 units at $68 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO?

Reference no: EM133027858

Questions Cloud

How much additional money will need : I want to pay off my car balance of $18,000.00 in 3 years with a current payment amount of $350.00, How much additional money will need
Calculate the debt ratio : Question - Jennings Co. has total assets of $439.0 million. Its total liabilities are $117.5 million. Its equity is $322 million. Calculate the debt ratio
What is the amount and character of Rita gain or loss : Rita sold her interest for $20,000 cash and was relieved of any partnership liabilities. What is the amount and character of Rita's gain or loss
What is cost of goods sold for the month of March : During the month, the company made purchases of $58500. The inventory at the end of the month is $15570. What is cost of goods sold for the month of March
What is the company gross profit using LIFO : The company sold 330 units at $68 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company gross profit using LIFO
Which would be the correct journal entry : Later returned goods worth $400 to the vendor? (prior to? payment). Which would be the correct journal entry to record these? returns
Demand of the tasks undertaken in the workplace : Explain and discuss why the demands of the tasks undertaken in the workplace need to be considered when conducting assessments of the thermal
What is the average annual operating income from the asset : The expected net cash inflows are expected to be $480,000 per year. What is the average annual operating income from the asset
What are the characteristics of corporations : Question - What are the characteristics of corporations? Example your answer with example and theories

Reviews

Write a Review

Managerial Accounting Questions & Answers

  What between actual costs and planned costs

What A difference between actual costs and planned costs. should be ignored unless it involves the cost of ingredients, should be investigated if the amount

  What is the annual ordering cost of the post card inventory

Cheeseburger and Taco Company purchases 18,369 boxes of cheese each year. What is the annual ordering cost of the post card inventory

  Compute the company break-even point in sales dollars

Compute the company's break-even point in sales dollars. Complete the calculation based on the company's budgeted income statement

  Why early booking time is important factors

Why early booking time, prioritized service and differentiated servicing(based on revenue stream) is an important factors that will effect revenue?

  What is needed is a production budget for january

What is needed is a production budget for January through June of 2018. Why do companies choose to produce units in advance

  What would be the total overhead cost per customer

What would be the total overhead cost per customer according to the activity-based costing system, rounded to the nearest whole dollar?

  How many units are in ending inventory

The company chose practical activity-at 20,000 units-to compute its predetermined overhead rate. How many units are in ending inventory

  Write a brief report explaining the reason

Write a brief report explaining the reason or reasons that best explain why Alcoa uses the LIFO cost flow method for its inventories kept in the United States and Canada, but the average cost method for its other inventories.

  What are some examples of office politics

What are some examples of office politics? Are personal attacks or the bandwagon fallacy part of it? What are some practices for dealing with office

  Compute the annual gross profit for the peanut division

Compute the annual gross profit for the peanut division using a transfer price of $3.50. Peanut butter company acquires a processing company

  What is an example of a financial statement error

Based on a 105% increase in cost of goods sold when sales were $1.2 million in 2013, what would be the 2014 sales pro-forma?

  What the existing report on cash collection

what the existing report on cash collection from accounts receivable looks like - how the additional reports revealing the cash flow situation

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