User Account

All Pages

What the gross profit under lifo will be

Assignment Help Financial Accounting
Reference no: EM132741245

Problem 1: Youssef started a business on 1st January 2019 selling chairs He bought 40 chairs at a cost of $20 each at the beginning of his accounting year. On May 1st 2019 he bought a further 50 chairs at a cost of $40. He sold 70 chairs during the year for $45 each The gross profit under LIFO will be:

Select one:

a. $750

b. $1,150

c. $832 5

d. $972.2

Reference no: EM132741245

Questions Cloud

Calculate investment in Allie balance : During 2019, Allie earned net income of $180,000 and paid dividends of $22,000. Calculate "investment in Allie" balance on 12/31/2019
How much do you need to have in your account at retirement : How much do you need to have in your account at retirement and what is the expected dividend per share for bulldog six years from now? eight years from now?
Perform an internet search on the term hospitalist : Because of all of the media attention on terrorism, your grandparents, who are elderly, are very concerned about terrorist attacks on the United States.
Identify the factors that would impact : Select a product that you can purchase at a grocery store or at a discount retailer and respond to the following:
What the gross profit under lifo will be : On May 1st 2019 he bought a further 50 chairs at a cost of $40. He sold 70 chairs during the year for $45 each The gross profit under LIFO will be
Various solutions to remain competitive : and profitable. Current financials for the firm are shown in the table below. In the first option, marketing will increase sales by 50%. There is also an OM opt
What is the consolidated net income : Entity B sold inventory to Entity A at a selling price of P400,000 with gross profit rate of 30% based on sales during 2020. What is the consolidated net income
Show the effect of each of the transactions : Show the effect of each of the above transactions [Plus sign (+) for increasing effect, Minus sign (-) for decreasing effect] in the transaction analysis
Prepare simple cash book : Prepare Simple Cash Book : RM Cash in hand 32,500 Cash paid to Rohan 8,000 Goods Purchased 3,000 Cash received from Tanaya 2,000 Cash Sales 4,000

Reviews

Write a Review

Financial Accounting Questions & Answers

  Should product b be processed further

$2 of joint costs from the initial production operation. Should Product B be processed further, or should it be sold at the end of the initial operations?

  Dividends per share

JMH has the following stock outstanding-Preferred, 5%, $100 par value, 2,000 shares-Common, $60 par value, 5,000 shares-Compute the amount of dividends per share payable to each class of stock for each independent case.

  Internal auditing have when it comes to third-party risks

What role does internal auditing have when it comes to third-party risks

  Why is present value considered an opportunity cost

Are these mutually exclusive or independent projects? i) Deciding between repairing a machine or replacing it and ii) Deciding which market to enter next.

  How much would jasons capital account increase

Franco and Jason share income and losses in a 2:1 ratio after allowing for salaries to Franco of $15,000 and $30,000 to Jason. If the partnership suffers a $15,000 loss, by how much would Jasons capital account increase?

  What is average total cost

What is average total cost? The change in fixed plus variable cost divided by the quantity of output produced. Total cost divided by the quantity

  Prepare in general journal form the entry to replenish fund

On December 31, the office manager gives instructions to increase the petty cash fund by $50. Make the appropriate journal entry.

  Receive payment

It produces its candy and sells it to distributors in May for $220,000, but it does not receive payment until June.

  Significant source of revenues and most significant expense

Reviewing a CAFR Review the most recent CAFR of a state or local government in your area. Using that report, identify: The entity’s most significant source of revenues and most significant expense? The entity’s most significant asset, and its most si..

  What would be the selling price of the bond

The stated rate of a three year $100,000 annual bond is 10%. The effective rate of interest is 9%. What would be the selling price of the bond? A three year $100,000 bond with a stated annual rate of 10% is sold for 95,000. What would be the journal ..

  What the application of matching principle to depreciation

What the application of the matching principle to depreciation of property, plant and equipment can best be described a? The matching of the book value

  Illustrate what was the amount of the projected benefit

The actuary’s discount rate was 3%. Illustrate what was the amount of the projected benefit obligation at year-end?

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