Wash Company sells washing machines. On January 1, 2019, it had 20 units in inventory, valued at
Question:
Wash Company sells washing machines. On January 1, 2019, it had 20 units in inventory, valued at $400 per unit. During 2019, it sold 200 units at $700 per machine. Wash Company purchased 190 units during 2019 at a cost of $420 per unit. Determine Wash Company’s gross profit under the FIFO and LIFO methods.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
Wash Companys gross profit can be determined using both the FIFO FirstInFirstOut and LIFO LastInFirs...View the full answer
Answered By
Nicholas Maina
Throughout my tutoring journey, I've amassed a wealth of hands-on experience and honed a diverse set of skills that enable me to guide students towards mastering complex subjects. My proficiency as a tutor rests on several key pillars:
1. Subject Mastery:
With a comprehensive understanding of a wide range of subjects spanning mathematics, science, humanities, and more, I can adeptly explain intricate concepts and break them down into digestible chunks. My proficiency extends to offering real-world applications, ensuring students grasp the practical relevance of their studies.
2. Individualized Guidance:
Recognizing that every student learns differently, I tailor my approach to accommodate various learning styles and paces. Through personalized interactions, I identify a student's strengths and areas for improvement, allowing me to craft targeted lessons that foster a deeper understanding of the material.
3. Problem-Solving Facilitation:
I excel in guiding students through problem-solving processes and encouraging critical thinking and analytical skills. By walking learners through step-by-step solutions and addressing their questions in a coherent manner, I empower them to approach challenges with confidence.
4. Effective Communication:
My tutoring proficiency is founded on clear and concise communication. I have the ability to convey complex ideas in an accessible manner, fostering a strong student-tutor rapport that encourages open dialogue and fruitful discussions.
5. Adaptability and Patience:
Tutoring is a dynamic process, and I have cultivated adaptability and patience to cater to evolving learning needs. I remain patient through difficulties, adjusting my teaching methods as necessary to ensure that students overcome obstacles and achieve their goals.
6. Interactive Learning:
Interactive learning lies at the heart of my approach. By engaging students in discussions, brainstorming sessions, and interactive exercises, I foster a stimulating learning environment that encourages active participation and long-term retention.
7. Continuous Improvement:
My dedication to being an effective tutor is a journey of continuous improvement. I regularly seek feedback and stay updated on educational methodologies, integrating new insights to refine my tutoring techniques and provide an even more enriching learning experience.
In essence, my hands-on experience as a tutor equips me with the tools to facilitate comprehensive understanding, critical thinking, and academic success. I am committed to helping students realize their full potential and fostering a passion for lifelong learning.
4.90+
5+ Reviews
16+ Question Solved
Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
Question Posted:
Students also viewed these Business questions
-
Bromination of an alkene by N-bromosuccinimide (NBS) in thepresence of light or peroxide is a radical reaction and produces anallylic bromide. For the following bromination of3-methylcyclopentene,...
-
The Totman Company has the following transactions during the months of January and February: The cost of the inventory at January 1 is $24, $23, and $15 per unit, respectively, under the FIFO,...
-
Pushpinder is riding on a crowded bus. He has no place to sit, but instead is holding onto one of the overhead straps. Darren is standing next to Pushpinder, also holding onto a strap. Suddenly a car...
-
Which Of the following, which is the least likely component of the project charter? This type of question contains radio buttons and checkboxes for selection of options. Use Tab for navigation and...
-
How is a typical state court system structured? What different types of courts might exist at the state level, and what kinds of jurisdiction might they have?
-
Select the best answer for each of the following. 1. A sale of goods by a U.S. company was denominated in a foreign currency. The sale resulted in a receivable that was fixed in terms of the amount...
-
Suppose the total volatility of returns on a stock is 25%. A linear model with two risk factors indicates that the stock has betas of 0.8 and 1.2 on the two risk factors. The factors have volatility...
-
Gator Beach Marts, a chain of convenience grocery stores in the Fort Lauderdale area, has store hours that fluctuate from month to month as the tourist trade in the community varies. The utility...
-
mework #3 i Saved Check my work mode: This shows what is correct or incorrect for the work you have comp The year-end financial statements of Cobra Tax Services are provided below. Service revenue...
-
Mill Co., a calendar-year manufacturer, which uses the FIFO inventory method, previously allocated production costs to inventory by use of a burden rate based on the ratios oft otal indirect...
-
Berry Co. started business in 2018. Its ending inventory was $150,000 at base-period prices. It uses the simplified dollar-value LIFO inventory method and the price index was 130% in 2018. Its ending...
-
Figure P2.27 shows the velocity???time curve of a falling brick. Make a careful estimate of the slope to find the acceleration of the brick at t 5 3.0 s. Figure P2.27 ? 0+i-23456- t (s) - 10- -20 -30...
-
Determine the simple interest 1 p=$1124.68, r=1% per month, t = 3 months The simple interest on $1124.68 at 1-% per month for 3 months is $ (Round to the nearest cent.)
-
There are 12 bottles of beer in a case and each bottle has 16 ounces of beer. Every 20 ounces of beer has 25 milliliters of alcohol. How many milliliters of alcohol are there in 4 cases of beer?...
-
Q 1 . Prepare a project on Growth of Derivatives Market in India: A Detailed Study including both Equity and Currency Derivatives? It should be minimum 1 0 pages and max 1 5 pages.
-
Problem 1 You are going to buy a car. The asking price is $ 2 8 , 8 0 0 , you put $ 2 , 2 0 0 down, and your trade - in is worth $ 1 , 7 0 0 . The balance you finance with a 6 % APR, 4 8 - month...
-
Some analysts believe that the term structure of interest rates is determined by the behavior of various types of financial institutions. This theory is called the expectations hypothesis. ( market )...
-
When groups or teams meet, what are seven ground rules they should begin with?
-
What types of questions can be answered by analyzing financial statements?
-
How has information technology made it possible to eliminate middle manager positions?
-
What management, organization, and technology issues would you consider if you wanted to move from a traditional bureaucracy to a flatter organization?
-
Can technology replace managers? Explain your answer.
-
In Milestone Two, you will review the Final Project Client Information document to identify all beneficiaries and discuss potential tax ramifications of receiving inherited property. In addition, you...
-
Explain using examples why partial equilibrium is a useful tool for agricultural economists and discus its shortcomings as a tool for policy analysis.
-
Let the widget industry demand curve be given by P= 200 - Q, where Q is the industry output. There are two firms, Firm 1 and Firm 2. Each has a marginal cost of $20. 1. Assume that these two firms...
Study smarter with the SolutionInn App