Given the following information, calculate the amount by which net income would differ between FIFO and LIFO.
Question:
Given the following information, calculate the amount by which net income would differ between FIFO and LIFO. Assume the periodic system.
Beginning inventory .......3,000 units at $100 per unit
Purchases ..........8,000 units at $130 per unit
Units sold ............6,000 units at $225 per unit
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (16 reviews)
780000 690000 90000 Net income would differ by 90000 between FI...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Question Posted:
Students also viewed these Accounting questions
-
Calculate Tucker Company's current ratio, given the following information about its assets and liabilities (round to two decimal places) and compare it to the industry average current ratio of 2.2....
-
Assume that you have been given the following information on Purcell Industries: Current stock price = $15.....................Exercise price of option = $15 Time until expiration of option =...
-
Given the following information about a potential suspect, determine whether there is a likelihood of illegal income. If so, determine the amount of unknownincome. FINANCIAL DATA YEAR 1 YEAR 2YEAR 3...
-
Austin and Anya Gould are a middle-aged couple with two childrenRusty, age 13, and Sam, age 11whom they adopted this year. They also bought a new home in the area to give the children a yard in which...
-
A 140- lossless line is terminated in a load impedance ZL = (280 + j182) . If = 72 cm, find (a) the reflection coefficient , (b) the voltage standing-wave ratio S, (c) the locations of voltage...
-
You are the in-charge accountant on the audit of Amazing Inc. (AI). It is March 25, 2016, and your firm is part way through the 2015 audit. You are currently assigned to work on various sections...
-
What is the unit of refrigeration?
-
Luxury Furniture designs and builds factory-made, premium, wood armoires for homes. All are of white oak. Its budgeted manufacturing overhead costs for the year 2012 are as follows. Overhead Cost...
-
A capital budgeting project requires a $4,300,000 to bring to market. After this project is up and running, it will generate perpetual cash inflows of $452,000 a year. Based on the risk of this...
-
Sunrise Swimwear manufactures ladies swimwear in January through June of each year that is sold through retail outlets in March through August. The following table summarizes the monthly production...
-
Using the data from SE5-4A, calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption. In SE5-4A, Calculate the cost of goods sold and the...
-
Given the following information, calculate the amount by which gross profit would differ between FIFO and LIFO. Assume the periodic system. Beginning inventory ......1,500 units at $55 per unit...
-
NLM uses a common process to manufacture three joint products: X, Y and Z. The costs of operating the common process total $75,400 each month. This includes $6,800 of apportioned head office costs....
-
The promises exchanged by parties to a contract. a. competent pa rty b. consideration c. divisible c ontract d. entire, or indivisible, contract e. executed c ontract f. executory c ontract g....
-
Indicate whether each of the following statements is true or false by writing T or F in the answer column. Workers compensation laws are designed to ensure that all employees are paid fairly.
-
Indicate whether each of the following statements is true or false by writing T or F in the answer column. Acts of an employee while performing duties of employment are considered the acts of the...
-
A person who is of legal age and normal mentality. a. competent pa rty b. consideration c. divisible c ontract d. entire, or indivisible, contract e. executed c ontract f. executory c ontract g....
-
Yikes, a U.S.-based manufacturer of shoes, had plants in several countries in Southeast Asia and enjoyed considerable success in world markets as a result of a number of factors, including its...
-
Describe three new data sources for producing DEMs.
-
Prove that if Σ an is absolutely convergent, then a. an
-
Let \(\left\{x_{n}ight\}_{n=1}^{\infty}\) be a sequence of real numbers defined by \(x_{n}=n 2^{-n}\), for all \(n \in \mathbb{N}\). Compute \[\liminf _{n ightarrow \infty} x_{n}\] and \[\limsup _{n...
-
a. On April 1, the cash account balance was $7,850. During April, cash receipts totaled $41,850, and the April 30 balance was $9,150. Determine the cash payments made during April. b. On July 1, the...
-
The Zuni Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Capital Stock; Dividends; Fees Earned; Rent Expense; Advertising...
-
On October 27, 2006, Lintel Co. purchased $1,320 of supplies on account. a. Journalize the October 27, 2006, transaction. b. Prepare a T account for Supplies. Enter a debit balance of $585 as of...
-
Question 15 (21 marks) Purple Beverages Inc. sells only one product, the very popular and strong Purple Rain drink. The drinks are sold to local fraternity and sorority clubs. Purple Beverages Inc....
-
"In life and business, there are two cardinal sins. The first is to act precipitously without thought (sic) and the second is to not act at all." (Carl Icahn Investor and Entrepreneur") Context Many...
-
EveryWhere Development Co. showed the following selected PPE balances on January 31, 2023: Van...... Accumulated depreciation, van! Machinery....... Accumulated depreciation, machinery?.....
Study smarter with the SolutionInn App