Question

ABC Company uses the LIFO inventory costing method. The company had a beginning inventory of 1,160...

ABC Company uses the LIFO inventory costing method. The
company had a beginning inventory of 1,160 units that cost
$12.70 each. Purchases were made as follows:

   March:     2,100 units purchased at $14.70 per unit
   June:        900 units purchased at $11.10 per unit
   August:    1,400 units purchased at $15.25 per unit
   October:     800 units purchased at $13.40 per unit

During the most recent year, 4,400 units were sold to customers
at a selling price of $19.00 each. Operating expenses for the
most recent year amounted to $1,600 and the income tax rate was
40%.

Calculate the net income reported by ABC Company during
the most recent year.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
Pu4-G18 Company uses the weighted average inventory costing method. The company had a beginning inventory of...
Pu4-G18 Company uses the weighted average inventory costing method. The company had a beginning inventory of 1,000 units that cost $18.60 each. Purchases were made throughout the year as follows: April: 2,100 units purchased at $11.40 per unit September: 1,800 units purchased at $7.25 per unit November: 1,100 units purchased at $14.10 per unit During the year, 4,300 units were sold to customers at a selling price of $26.00 each. Calculate the dollar amount of ending inventory shown on Pu4-G18...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 1,600 units @ $12 cost per unit May 8 Sold 1,100 units May 13 Purchased 1,700 units @ $24 cost per unit May 18 Sold 1,000 units May 21 Purchased 1,500 units @ $18 cost per unit May 28 Sold 800 units May 30 Purchased 1,200...
ABC Company employs a periodic inventory system and sells its inventory to customers for $27 per...
ABC Company employs a periodic inventory system and sells its inventory to customers for $27 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 2,400 units @ $14 cost per unit May 8 Sold 1,400 units May 13 Purchased 1,100 units @ $11 cost per unit May 18 Sold 1,200 units May 21 Purchased 1,300 units @ $17 cost per unit May 28 Sold 300 units May 30 Purchased 700...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 1,600 units @ $12 cost per unit May 8 Sold 1,100 units May 13 Purchased 1,700 units @ $24 cost per unit May 18 Sold 1,000 units May 21 Purchased 1,500 units @ $18 cost per unit May 28 Sold 800 units May 30 Purchased 1,200...
ABC Company uses a periodic inventory system. As of January 1, 2019, ABC Company has 1,100...
ABC Company uses a periodic inventory system. As of January 1, 2019, ABC Company has 1,100 units of a particular product at a cost of $7.35 per unit. At December 31, 2019, 1,500 units of the product remain on hand. The purchases of the product during the year are shown below: 1st purchase 1,450 units at $7.50 per unit 2nd purchase 1,600 units at $8.20 per unit 3rd purchase 1,000 units at $8.50 per unit What is cost of goods...
ABC Company had the following balances and transactions during 2009. Beginning inventory 10 units at $70...
ABC Company had the following balances and transactions during 2009. Beginning inventory 10 units at $70 per unit March 6 purchased 9 units for $71 per unit March 10 sold 8 units for $100 per unit June 10 purchased 20 units for $81 per unit October 30 sold 15 units for $100 per unit Operating expenses for 2009 was $345 in total. What is total operating income for 2009 if the perpetual FIFO costing method is used?
AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the...
AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the year consisted of 12,000 units of the company’s one product. These units cost $12 each. During the year, 62,000 units were purchased at a cost of $15 each and 65,000 units were sold. Near the end of the fiscal year, management is considering the purchase of an additional 6,000 units at $15. Required: 1. What would be the effect of this purchase on income...
During the most recent year, ABC Corp. had the following data: Beginning inventory in units           ...
During the most recent year, ABC Corp. had the following data: Beginning inventory in units            -   Units produced      16,000 Units sold ($125 per unit)        15,000 Variable costs per unit:       Direct materials $        10       Direct labor $        18       Variable overhead $          6 Fixed costs:       Fixed overhead per unit produced $        25       Fixed selling and administrative $ 200,000 Required: A. How many units are in ending inventory? B. Using absorption costing, calculate the per-unit...
Beta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...
Beta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of July 2019 are given below: July 01: Beginning inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The Beta company sold 1,600 units during the month of July. Required: Compute the cost of goods sold and ending inventory...
Box Company uses a process costing system. It had beginning inventory of 1,600 units which were...
Box Company uses a process costing system. It had beginning inventory of 1,600 units which were 30% complete as to materials and 50% complete as to conversion. There were 4,000 units started this period. The ending inventory of 2,000 units were 50% complete as to materials and 80% complete as to conversion. Using the weighted average method, Equivalent Units for conversion would be _____. Group of answer choices A) 3,480 B) 4,120 C) 4,600 D) 5,200 E) 4,400
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT