Concord Corporation had the following inventory transactions occur during 2022 Units Cost unit Feb 1, 2022 Purchase 86 $ 36 Mar 14, 2022 Purchase 149 $ 38 May 1, 2022 Purchase 106 $ 39 The company sold 245 units at $ 50 each and has a tax rate of 30 Assuming that a periodic inventory system is used...

2834 LIFO lastin firstout Firs ...

Concord Corporation had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 86

Fantastic news! We've Found the answer you've been seeking!

Question:

Concord Corporation had the following inventory transactions occur during 2022:

		Units	Cost/unit
Feb. 1, 2022	Purchase	86	$36
Mar. 14, 2022	Purchase	149	$38
May 1, 2022	Purchase	106	$39

The company sold 245 units at $50 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using LIFO?

$9148$2834$9416$3102

Related Book For answer-question

Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Posted Date: Feb 07, 2022 02:37 PM

See More Questions

Kingbird, Inc. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 103 $ 103 Mar. 14, 2022 Purchase 177 $ 107 May 1, 2022 Purchase 125 $ 112 The company...
Pharoah Company had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 134 $ 56 Mar. 14, 2022 Purchase 231 $ 58 May 1, 2022 Purchase 164 $ 61 The company...
Dole Industries had the following inventory transactions occur during 2010: Units Cost/unit Feb. 1, 2010 Purchase 54 $45 Mar. 14, 2010 Purchase 93 $47 May 1, 2010 Purchase 66 $49 The company sold 153...
Use a calculator to evaluate an ordinary annuity formula \[A=m\left[\frac{\left(1+\frac{r}{n}ight)^{n t}-1}{\frac{r}{n}}ight]\] for $m, r$, and $t$ (respectively) given in Problems 7-22. Assume...
a. After a large number of flips, the overall proportion of heads settles down to nearly what value? b. Approximately how many coin flips does it take before the proportion of heads settles down? c....
The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here: No outstanding checks and no deposits in transit were noted in March. However, there are...
The floating rate portion of a plain vanilla interest rate swap with yearly payments and a notional principal of one unit has cash flows at the end of each year defining a stream starting at time 1...
Chocolates has observed the following overhead costs for the past 12 months: The results of the regression analysis are: TC = $8,781 + ($0:63 Ã Number of Boxes) a. Plot the data and the...
Give an overview of the company. Choose the type of firm, the banking structure of the firm in terms of current and past investments, what industry it is in, and any relevant history or background...
Yin & Yang Video has the following unadjusted trial balance as of January 31, 2010: The debit and credit totals are not equal as a result of the following errors: a. The balance of cash was...
Based on the information in the tables and r (Range) chart, we can state that: Included below is SPC analysis resuts for a given operation Mean Rang 20.00 Sample 145 19.8 20. 25 19 90 20.35 19.23...
A small wave pulse and a large wave pulse approach each other on a string; the large pulse is moving to the right. Some time after the pulses have met and passed each other, which of the following...
During a call with analysts and investors, Boeing CEO Dave Calhoun was asked, How do you change the culture as a big organization? He responded that it was a tough question. The Boeing workforce was...
Binta Niambi Brown is the CEO and cofounder of Fermata Entertainment Ltd., an innovative startup in the music industry. She faced an ethical dilemma. Brown was about to close a $3 billion asset...
Most people in this country obtain health insurance through employer-sponsored plans. Although the historical background you just read explains how this system came about, it does not discuss whether...
Facebooks campus in Menlo Park, California, includes a large sign reading The Hacker Company and a giant HACK configured into the surface of one of its many pedestrian plazas. Founder Mark Zuckerberg...
You are a Construction Manager. You have been asked by the Owner, a friend of yours, how to get this small office building. constructed "as soon as possible....I have no office space for my staff to...
In order to get an idea on current buying trends, a real estate agent collects data on 10 recent house sales in the area. Specifically, she notes the number of bedrooms in each house as follows: a....
Yuan Li is confused about the source documents used in assigning materials and labor costs. Identify the documents and give the entry for each document
The financial statements of PepsiCo, Inc. are presented in Appendix A. The notes accompanying the statements contain the following selected accounts, stated in millions of dollars. Accounts...
The R&D division of Marco Chemical Corp. has just developed a chemical for sterilizing the vicious Brazilian killer bees which are invading Mexico and the southern states of the United States. The...
Explain what happens when a B cell first encounters a pathogen and binds to an antigen on the pathogen.
Why is a single innate immune cell able to respond to many different pathogens?
What is an antigen?

Concord Corporation had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 86

Question:

Expert Answer:

2834 LIFO lastin firstout Firs... View the full answer

Accounting Principles

Students also viewed these accounting questions