1. Gross profit 2. Operating income $ 3. Income before tax $ 4. Net income $...
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1. Gross profit 2. Operating income $ 3. Income before tax $ 4. Net income $ 5. Purchases $ 6. Gross profit ratio (two decimal places)__ Salaries expense Sales returns Utilities expense Cost of goods sold Interest expense Interest revenue Sales revenue Income tax expense $300,000 10,000 15,000 Rent Expense 500,000 2,000 Inventory (begin) 10,000 Inventory (end) questions 1-6: $910,000 14,000 25,000 33,000 28,000 Use the following to answer questions 7-8 Units 100 Beginning inventory Purchase 1 Purchase 2 Cost per unit $22.00 $23.00 $25.00 300 200 The company has 10 units remaining on December 31st 7. Determine ending inventory using FIFO: $ 8. Determine ending inventory using LIFO: $ 1. Gross profit 2. Operating income $ 3. Income before tax $ 4. Net income $ 5. Purchases $ 6. Gross profit ratio (two decimal places)__ Salaries expense Sales returns Utilities expense Cost of goods sold Interest expense Interest revenue Sales revenue Income tax expense $300,000 10,000 15,000 Rent Expense 500,000 2,000 Inventory (begin) 10,000 Inventory (end) questions 1-6: $910,000 14,000 25,000 33,000 28,000 Use the following to answer questions 7-8 Units 100 Beginning inventory Purchase 1 Purchase 2 Cost per unit $22.00 $23.00 $25.00 300 200 The company has 10 units remaining on December 31st 7. Determine ending inventory using FIFO: $ 8. Determine ending inventory using LIFO: $
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Calculate Gross Profit Operating Income Income before Tax Net Income Purchases and Gross Profit rati... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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