A company had 10,000 units of merchandise in inventory on January 1, 2021 at a LIFO...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company had 10,000 units of merchandise in inventory on January 1, 2021 at a LIFO cost as follows: Base year 2019 layer. 2020 layer.. Total... ********* Units x CPU Cost 6,000 × $20 = $120,000 2,500 x $22 55,000 = 1,500 x $24 = 36,000 10,000 $211,000 During the year ended December 31, 2021, the company purchased 60,000 units of inventory at a cost of $28 per unit and sold 63,500 units at a price of $38. A) $14,000 B) $18,000 C) $24,000 D) $28,000 E) $35,000 Ignoring income tales, the LIFO liquidation profit realized during the year ended December 31, 2021 was: A company had 10,000 units of merchandise in inventory on January 1, 2021 at a LIFO cost as follows: Base year 2019 layer. 2020 layer.. Total... ********* Units x CPU Cost 6,000 × $20 = $120,000 2,500 x $22 55,000 = 1,500 x $24 = 36,000 10,000 $211,000 During the year ended December 31, 2021, the company purchased 60,000 units of inventory at a cost of $28 per unit and sold 63,500 units at a price of $38. A) $14,000 B) $18,000 C) $24,000 D) $28,000 E) $35,000 Ignoring income tales, the LIFO liquidation profit realized during the year ended December 31, 2021 was:
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below To calculate the LIFO liquidation profi... View the full answer
Related Book For
Posted Date:
Students also viewed these management leadership questions
-
For a 750 gram system, a force is applied and the acceleration is measured. The force/acceleration data is given below. F (N) 10 20 30 4.0 5.0 6.0 7.0 a 4.0 5.4 6.6 8.0 (m/ 1.30 2.65 9.30 0 0 0 0 s)...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant was in charge of selecting the depreciation method...
-
A type-II superconductor in an external field between Be1 and Bc2 has regions that contain magnetic flux and have resistance, and also has superconducting regions. What is the resistance of a long,...
-
Deandra takes two 250-mg chewable calcium tablets each day. a) How many milligrams of calcium will Deandra take in a week? b) How many grams of calcium will Deandra take in a week?
-
For each of the following situations, calculate the \(t\)-statistic \((t)\) : a. \(\mathrm{X}^{-}=.45 ; \mu=.52 ; s=.17 ; N=56\) b. \(\mathrm{X}^{-}=7.75 ; \mu=6 ; s=3.98 ; N=40\) c....
-
On June 15, 2019, Nicole Snobelen, owner of Evelynn by Nicole Snobelen (Evelynn), had just been informed that a location at The Market in the Western Fair District (The Market) had become available...
-
Assume a market price is set artificially low. In other words, the price is set below the equilibrium price. How will this affect the market
-
You are a health care manager at a nursing home. You are looking to expand your business arrangements and your boss suggests Stanford Health as an option. She asks you to do an analysis on their...
-
description column of the LCC on - dr - pcoffset 9 instruction set summary - sr - sr1 - baser - sr 2 - pcoffsetll - imms - imm 9 - offset 6 .bit5 - bitll - code - trapuec - e opcode"the next section...
-
Solomon Bank's startup division establishes new branch banks. Each branch opens with three tellers. Total teller cost per branch is $ 1 0 0 , 0 0 0 per year. The three tellers combined can process up...
-
The following items are necessary for preparing the 2 0 2 4 year - end adjustments for Rogers Advertising Agency. Rogers s fiscal year - end is December 3 1 . On July 1 , 2 0 2 4 , Rogers received $...
-
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date...
-
A company's inventory records report the following in November of the current year: Date Activities Units Acquired at Cost Units Sold at Retail November 1 Beginning inventory 5 units @ $ 4 4 = $ 2 2...
-
On December 31, 2021, Kona purchased debt securities as trading securities. Pertinent data are as follows:\ Fair Value\ Security Cost At 12/31/22\ A $225,000 $215,000\ B 200,000 210,000\ C 230,000...
-
Observe the diagram showing structure of a seed and answer the questions given below: A B U 2 Coleoptile Plumule -Radicle D a) Label the parts A, B, C, and D. b) Differentiate between albuminous and...
-
Eleni Cabinet Company sold 2,200 cabinets during 2011 at $160 per cabinet. Its beginning inventory on January 1 was 130 cabinets at $56. Purchases made during the year were as follows: February . 225...
-
Enviroclean is a not-for-profit organization formed on January 1, 2010. The organization's motto is "clean your environment." Enviroclean was formed to help people and organizations that want to...
-
At the beginning of the current period, Perfect Products Inc. (PPI) sold a used depreciable asset to its wholly owned subsidiary, Simply Scrumptious Ltd. (SSL), for $80,000. PPI had originally paid...
-
A company bought a machine for U.S. $50,000 on January 1, 2013. The machine is to be delivered in one week and is payable upon receipt of the machine. The company has not yet paid for the machine. It...
-
You are studying survival times for mice given a drug at one of three doses (Low, Medium, or High). You define two dummy variables: (a) With these definitions, write the expressions for the mean...
-
The data in Table 8.25 were collected in order to study factors affecting the supply and demand for commercial air travel. Data on various aspects of commercial air travel for an arbitrarily chosen...
-
It is beneficial to be able to estimate the yield of useful product of a tree based on measurements of the tree taken before it is harvested. Measurements on four such variables were taken on a...
Study smarter with the SolutionInn App