Question

Andrews Corp. ended the year carrying $151,638,942 worth of inventory. Had they sold their entire inventory...

Andrews Corp. ended the year carrying $151,638,942 worth of inventory. Had they sold their entire inventory at their current prices, how much more revenue would it have brought to Andrews Corp.?

$151,638,942

$83,672,623

$318,984,187

$235,311,564

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
During February, Greg’s Groceries purchased $50,000 and sold $54,000 of inventory for $75,000. Greg’s Groceries had...
During February, Greg’s Groceries purchased $50,000 and sold $54,000 of inventory for $75,000. Greg’s Groceries had $10,000 worth of inventory on hand on February 28th. Complete the T account for Greg’s Inventory. How much Revenue does Greg’s have? _______________ How much expense? ___________________What is their Gross Margin? _____________ How much inventory did Greg’s have on hand on February 1 (beginning of the month)? __________ Write the journal entry to record Greg’s purchases: Write the journal entry to record Greg’s revenue:...
1.Kaiser Co. counted inventory on December 31, 2019 and had $2,490,000 worth of inventory on their...
1.Kaiser Co. counted inventory on December 31, 2019 and had $2,490,000 worth of inventory on their books. Their records indicate that they purchased $18,675,000 worth of inventory during the year and that they sold $20,542,500 worth of inventory during the year. How much inventory did they have on January 1, 2019? $622,500 $2,490,000 $4,357,500 $18,675,000 2. The balance in the income summary account before it is closed should equal which of the following values? Beginning Total Assets. Net Income for...
) Presented below is information related to Chesterton Corp for the year ended     December 31,...
) Presented below is information related to Chesterton Corp for the year ended     December 31, 2019. Purchases $200,000 Purchase discounts 3,000 Purchase returns & allowances 6,000 Sales revenue 312,000 Sales discounts 8,000 Sales returns & allowances 13,000 Freight-in 10,000 Freight-out 5,000 Inventory, January 1, 2019 42,000 Inventory, Dec. 31, 2019 63,000 Instructions: Prepare a partial income statement through gross profit, including a detailed cost of goods sold section assuming that Chesterton uses a periodic inventory system. Record the entry...
At the start of the year, Sandy's Flowers had inventory worth $587,200 at retail. On December...
At the start of the year, Sandy's Flowers had inventory worth $587,200 at retail. On December 31, the retail value of the inventory was $137,700. If annual sales amounted to $2,899,600 find the inventory turnover at retail for the year. (Round your answer to the nearest tenth)
Nonny Company uses the LIFO method of inventory valuation. For Year 6, cost of goods sold...
Nonny Company uses the LIFO method of inventory valuation. For Year 6, cost of goods sold was $150,000. Beginning inventory was $25,000 and ending inventory was $30,000. If Nonny had used the FIFO method of inventory valuation, beginning inventory would have been $15,000 and ending inventory would have been $40,000. What would Nonny’s cost of goods sold in Year 6 have been if Nonny had used FIFO?
Yoseff Company uses the LIFO method of inventory valuation. For Year 5, cost of goods sold...
Yoseff Company uses the LIFO method of inventory valuation. For Year 5, cost of goods sold was $45,000. Beginning inventory was $5,000 and ending inventory was $6,000. If Yoseff had used the FIFO method of inventory valuation, beginning inventory would have been $8,000 and ending inventory would have been $11,000. What would Yoseff’s cost of goods sold in Year 5 have been if Yoseff had used FIFO?
MAC Corp. had net income of $500,000 for 2016. The company's annual report contained the following...
MAC Corp. had net income of $500,000 for 2016. The company's annual report contained the following statement: "Inventory is valued using LIFO. If the FIFO method of inventory accounting had been used to value all inventories, they would have been $100,000 higher than reported ($75,000 higher at the previous year-end)." Assuming a tax rate of 40%, how much would net income have been if FIFO had been used?
The following information is available for Shamrock Corp. for the year ended December 31, 2022. Other...
The following information is available for Shamrock Corp. for the year ended December 31, 2022. Other revenues and gains $21,400 Other expenses and losses 3,000 Cost of goods sold 279,000 Sales discounts 3,000 Sales revenue 745,000 Operating expenses 209,000 Sales returns and allowances 8,800 Prepare a multiple-step income statement for Shamrock Corp. The company has a tax rate of 25%.
Han Company uses the LIFO method of inventory valuation. For Year 10, cost of goods sold...
Han Company uses the LIFO method of inventory valuation. For Year 10, cost of goods sold was $300,000. Beginning inventory was $50,000 and ending inventory was $80,000. If Han had used the FIFO method of inventory valuation, beginning inventory would have been $75,000 and ending inventory would have been $122,000. What would Han’s cost of goods sold in Year 10 have been if Han had used FIFO? Write the dollar amount of your answer.
The following information is available for Splish Brothers Corp. for the year ended December 31, 2022....
The following information is available for Splish Brothers Corp. for the year ended December 31, 2022. Other revenues and gains $23,600 Other expenses and losses 4,000 Cost of goods sold 291,000 Sales discounts 4,800 Sales revenue 759,000 Operating expenses 220,000 Sales returns and allowances 10,600 Prepare a multiple-step income statement for Splish Brothers Corp. The company has a tax rate of 25%.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT