Question

Company D applied FIFO and reported gross profit of $500,000. Company D reported inventory of $180,000...

Company D applied FIFO and reported gross profit of $500,000. Company D reported inventory of $180,000 at January 1 and $262,000 at December 31. Had LIFO had been used rather than FIFO, those figures would have been $100,000 and $110,000 at January 1 and at December 31, respectively. What would Company D’s gross profit have been under LIFO?A. $418,000.

B. $428,000.

C. $562,000.

D. $572,000.

E. $582,000.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Thank You

Please Rate, if You have any queries please do comment

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
HH Company uses LIFO. HH disclosed that if FIFO had been used, inventory at the end...
HH Company uses LIFO. HH disclosed that if FIFO had been used, inventory at the end of 2016 would have been $20 million lower. Assuming HH has a 30% income tax rate: a. Its reported cost of goods for 2016 would have been $14 million less if it had used FIFO rather than LIFO for its financial statements. b. Its reported cost of goods for 2016 would have been $20 million less if it had used FIFO rather than LIFO...
Carolina Company uses the LIFO method for valuing its ending inventory. The following financial statement information...
Carolina Company uses the LIFO method for valuing its ending inventory. The following financial statement information is available for its first year of operation: Carolina Company Income Statement For the year ended December 31 Sales    60,000 Cost of Goods sold   23,000 Gross Profit   37,000 Expenses 13,000 Income before taxes $ 24,000 Carolina's ending inventory using the LIFO method was $8,700. Carolina's accountant determined that had the company used FIFO, the ending inventory would have been $9,100. a. Determine what...
Connors Academy reported inventory in the 2020 year-end balance sheet, using the FIFO method, as $154,000....
Connors Academy reported inventory in the 2020 year-end balance sheet, using the FIFO method, as $154,000. In 2021, the company decided to change its inventory method to LIFO. If the company had used the LIFO method in 2020, the company estimates that ending inventory would have been in the range $130,000-$135,000. What adjustment would Connors make for this change in inventory method? A) Debit Inventory for $21,500; Credit Cost of goods sold for $21,500. B) Debit Retained earnings for $24,000;...
On January 1, 2016, Company X had an inventory balance of $200,000. During the year, Company...
On January 1, 2016, Company X had an inventory balance of $200,000. During the year, Company X had net purchases of $1,000,000 and net sales of $900,000. Historically, Company X’s gross profit ratio has been 40%. Using the gross profit method, what is Company X’s estimated ending inventory balance on December 31, 2016?
Marathon Petroleum Corporation disclosed the following in its 2015 annual report. The company reported revenues and...
Marathon Petroleum Corporation disclosed the following in its 2015 annual report. The company reported revenues and cost of revenues of $72,051 million and $55,583 million respectively in 2015. Inventories are stated at the lower of cost or market. Costs of crude oil, refinery feedstocks and refined products are aggregated on a consolidated basis for purposes of assessing if the LIFO cost basis of these inventories may have to be written down to market values. At December 31, 2015, market values...
Analyzing Inventory Disclosure Comparing LIFO and FIFO The current asset section of the 2014 and 2013...
Analyzing Inventory Disclosure Comparing LIFO and FIFO The current asset section of the 2014 and 2013 fiscal year end balance sheets of The Kroger Co. are presented in the accompanying table: $ millions January 31, 2015 February 1, 2014 Current assets Cash and temporary cash investments $188 $825 Deposits in-transit 786 666 Receivables 949 845 FIFO inventory 6,297 5,793 LIFO credit (1,083) (827) Prepaid and other current assets 288 319 Total current assets $7,425 $7,621 In addition, Kroger provides the...
Question 2 Part A and B A.Nueva Company reported the following pretax data for its first...
Question 2 Part A and B A.Nueva Company reported the following pretax data for its first year of operations. Net sales 7,510 Cost of goods available for sale 5,620 Operating expenses 1,538 Effective tax rate 30 % Ending inventories: If LIFO is elected 628 If FIFO is elected 818 What is Nueva's net income if it elects FIFO? (Round your intermediate and final answer to the nearest whole dollar amount.) Multiple Choice $980. $1,170. $686. $819. B. Linguini Inc. adopted...
On January 1, 2020, Widget Company had 1,600 units of Inventory, which were reported on their...
On January 1, 2020, Widget Company had 1,600 units of Inventory, which were reported on their Balance Sheet at $ 6.00 per unit. During 2020, Widget had the following transactions: March 1, 2020: Sold 1,000 units of Inventory @ $ 15 per unit May 1, 2020:Purchased 900 units of Inventory @ $ 7 per unit September 1, 2020: Sold 1,200 units of Inventory @ 16 per unit December 31, 2020: Purchased 700 units of Inventory @ $ 8 per unit....
Sletten Industries uses the last-in, First-out(LIFO) method of accounting for the inventories of its single product....
Sletten Industries uses the last-in, First-out(LIFO) method of accounting for the inventories of its single product. For fiscal year 2020, the company reported sales revenue of $200 million and cost of goods sold of $135 million. The following table was reported in the financial statement footnotes, ($ millions) Jan 1, 2020 Dec 31, 2020 Inventory value at LIFO $25 $28 LIFO Reserve 14 22 Inventory value at FIFO 39 50 If Sletten Industries had used FIFO to account for its...
Pie Bakery owns 70 percent of Slice Products Company’s stock. On January 1, 20X9, inventory reported...
Pie Bakery owns 70 percent of Slice Products Company’s stock. On January 1, 20X9, inventory reported by Pie included 28,000 bags of flour purchased from Slice at $9 per bag. By December 31, 20X9, all the beginning inventory purchased from Slice Products had been baked into products and sold to customers by Pie. There were no transactions between Pie and Slice during 20X9. Both Pie Bakery and Slice Products price their sales at cost plus 50 percent markup for profit....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT