The Marci Manufacturing Co. was organized in 2009 to produce a single product. The company's production and
Question:
The Marci Manufacturing Co. was organized in 2009 to produce a single product. The company's production and sales records for the period 2009–2011 are summarized below.
All units produced in a given year are assigned the same average cost.
Instructions:
Calculate the gross profit for each of the three years assuming that inventory values are calculated in terms of:
1. LIFO
2.FIFO
Transcribed Image Text:
Units Produced Sales No. of Units Production Costs No. of Units Sales Revenue 2009 2010 2011 330,000 310,000 290,000 $198,000 201,500 79,800 250,000 300,000 270.000 $200,000 255,000 210,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
2009 Sales 250000 units Produced 330000 units Ending inventory 80000 units 060 Gross profit on sales ...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Managerial Accounting questions
-
A company uses batch production methods to produce a single product by combining two materials Tee and Pee. The company has budgeted for a material mix ratio of 60:40 for Tee and Pee respectively....
-
The Habicht Company was formed in 2009 to produce a single product. The production and sales for the next four years were as follows: Required 1. Determine the gross profit for each year under each...
-
tion and sales for the next 4 years were as follows: Habicht Company was formed in 2015 to produce a single product. The produc Production Sales Total Sales Units in Ending Inventory Units Costs...
-
Use Lagrange multipliers to find the distance from the point (2, 0, -1) to the plane 6x - 2y + 7z+ 1 = 0. X
-
The following data resulted from an experiment to assess the potential of unburnt colliery spoil as a medium for plant growth. The variables are x 5 acid extractable cations and y = exchangeable...
-
1. Explain what the "Deinstitutionalization Mandate" is. This should be done in at least two paragraphs. 2. In another two paragraphs, discuss how status offenses are connected to the...
-
You think that a candidates probability of winning the next election is about 0.65. Classify the statement as an example of classical probability, empirical probability, or subjective probability....
-
Haughton Company uses a job costing system for its production costs and a predetermined factory overhead rate based on direct labor costs to apply factory overhead to all jobs. During the month of...
-
Dr. Mars has a mass of 75 kg and weighs 735 N or 165 lbs on the Earth. a) What is his weight in N and lbs on Jupiter where the acceleration due to gravity is 24.8 m/s2? b) If he weighs 63.1 lbs on...
-
Claire Russell is buying a car. Her November monthly interest was $210 at 7 % Interest. What is Claires principal balance (to the nearest dollar) at the beginning of November? Use 360 days. Do not...
-
Records of the Swain New Products Co. show the following data relative to Product M: March 2 Inventory . . . . . . . . . . . . . . . . . . . . . 450 units at $26.00 3 Sale . . . . . . . . . . . . . ....
-
A portion of the Stark Company's balance sheet appears as follows: Stark Company pays for all operating expenses with cash and purchases all inventory on credit. During 2011, cash totaling $471,700...
-
What are advantages and disadvantages of BST?
-
How is a riskless portfolio set up in order to derive the Black-Scholes-Merton differential equation?
-
What is the atttraction of principal-protected notes to investors?
-
What is the putcall parity equation for a stock paying no dividends?
-
Under what circumstances should an American call option on a stock paying no dividends be exercised early?
-
Explain the difficulty in calculating the discount rate that should be applied to an options payoff in the real world.
-
Country A currently imports solar panels at $30,000 each. The government is using only 10 percent of the program as domestic content, exporting clean energy to neighboring countries. Country B...
-
A bar of a steel alloy that exhibits the stress-strain behavior shown in Figure 6.22 is subjected to a tensile load; the specimen is 375 mm (14.8 in.) long and has a square cross section 5.5 mm (0.22...
-
In Problem for each matrix game that is strictly determined (if it is not strictly determined, say so) (A) Locate the saddle values. (B) Find optimal strategies for R and C. (C) Find the value of the...
-
An annual report of Crestwood Industries states, The company and its subsidiaries have long term leases expiring on various dates after December 31, 2010. Amounts payable under such commitments,...
-
An annual report of Ford Motor Corporation states, Net income a share is computed based upon the average number of shares of capital stock of all classes outstanding. Additional shares of common...
-
An annual report of Ford Motor Corporation states, Net income a share is computed based upon the average number of shares of capital stock of all classes outstanding. Additional shares of common...
-
What strategies might you use to implement the personal change needed to support organizational change? What is the relevance of unity consciousness in organizational leadership, communications, and...
-
Recognizing the literature (and its limitations) for conveying policing organization, management, and change - what management/organizational changes are needed in policing today? Why? How do we set...
-
How do organizations effectively navigate the complexities of organizational change, integrating advanced change management methodologies to mitigate resistance and foster sustainable transformation?
Study smarter with the SolutionInn App