Pina Inc. is trying to determine whether to use the FIFO or average cost formula. The...
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Pina Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Cost of Goods Sold Purchases Units Cost Total 8,100 $11 $89,100 15 13,500 15 202,500 Date Oct. 2 29 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense (30%) Net income Units 182,000 Cost Total Ending Inventory Units Cost Total 8,100 $11 $89,100 [2] [5] [1] [4] 20,600 [7] [8] [9] [10] [11] [12] [13] [14] The company accountant has prepared the following partial income statement to help management understand the financial statement impact of each cost determination cost formula. FIFO $563,000 Average $563,000 182,000 [3] [6] [15] Your answer is incorrect. Try again. Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula. (Round "Cost" answers to 2 decimal places, e.g. 1.25 and other answers to the nearest whole dollar, e.g. 5,275.) Purchases Date Units Cost Total Oct. 2 8,100 $11 $89,100 15 13,500 15 202,500 29 X- Units Cost of Goods Sold Cost 20,600 (total units sold) Total x x Units Ending Inventory 8,100 Cost $11 Total $89,100 Your answer is incorrect. Try again. Fill in the missing information in the blanks shown in the partial income statement above. (Round answers to the nearest whole dollar, e.g. 5,225.) Average FIFO $563,000 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense (30%) Net income 1000:00 182,000 x x x $563,000 182,000 Pina Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Cost of Goods Sold Purchases Units Cost Total 8,100 $11 $89,100 15 13,500 15 202,500 Date Oct. 2 29 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense (30%) Net income Units 182,000 Cost Total Ending Inventory Units Cost Total 8,100 $11 $89,100 [2] [5] [1] [4] 20,600 [7] [8] [9] [10] [11] [12] [13] [14] The company accountant has prepared the following partial income statement to help management understand the financial statement impact of each cost determination cost formula. FIFO $563,000 Average $563,000 182,000 [3] [6] [15] Your answer is incorrect. Try again. Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula. (Round "Cost" answers to 2 decimal places, e.g. 1.25 and other answers to the nearest whole dollar, e.g. 5,275.) Purchases Date Units Cost Total Oct. 2 8,100 $11 $89,100 15 13,500 15 202,500 29 X- Units Cost of Goods Sold Cost 20,600 (total units sold) Total x x Units Ending Inventory 8,100 Cost $11 Total $89,100 Your answer is incorrect. Try again. Fill in the missing information in the blanks shown in the partial income statement above. (Round answers to the nearest whole dollar, e.g. 5,225.) Average FIFO $563,000 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense (30%) Net income 1000:00 182,000 x x x $563,000 182,000
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Date Units Cost Oct 2 8100 11 13500 15 15 29 Purchases Date Oct 2 15 29 Total 89100 202500 P... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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