Winsor manufacturing had January 1 inventory of $295000 when it adopted dollar value LIFO. During the year,

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

Question:

Winsor manufacturing had January 1 inventory of $295000 when it adopted dollar value LIFO. During the year, purchases were $1720000 and sales were $3,000,000 December 31 inventory at year end prices was $382950, and price index was 111.

What is Winsor's gross profit?

Related Book For answer-question

Managerial Accounting

ISBN: 978-0073379586

2010 Edition

Authors: John J. Wild, Ken W. Shaw

See More Books

Posted Date: Dec 15, 2020 05:33 AM

See More Questions

The January 1 inventory of supplies in an Internal Service Fund is $9,000. The fund purchases $23,000 of supplies during the year. The December 31 inventory of supplies is $6,000. If the pricing...
Intella, Inc. adopted the dollar-value retail LIFO method on January 1, 2012. The following data apply to the 4 subsequent years: In addition, the following price indexes are available: Required:...
Required: 1. Prepare common-size comparative income statements for the two years for Beach Motors (Pty) Ltd. (11) 2. What observations can you make about the common-size statements? List at least...
In Exercises 7980, find the value of y if the line through the two given points is to have the indicated slope. (3, y) and (1, 4), m = -3
Briefly describe what each of the following features means in a preferred share issue: participating, cumulative, convertible, and redeemable. Discuss.
Williams Corporation imports, from a number of German manufacturers, large machining equipment used in the tooling industry. On June 1, the company received delivery of a piece of machinery with a...
Discuss the impact of changes to the project and how they are handled in the context of cash flow.
The balance sheets of Pub Corporation and Sun Corporation at December 31, 2010, are summarized with fair value information as follows (in thousands): On January 1, 2011, Pub Corporation acquired all...
You are given a binary string A of length B. You have an operation where you can flip a substring of A such that 1 becomes 0 and vice-versa. You have to find out the number of ordered pairs (X, Y)...
For each of the following independent cases, fill in the blank with the appropriate dollar amount. Assets - Liabilities + Owners' Equity $ 75,000 Case 1 Case 2 Case 3 $125,000 400,000 100,000 95,000...
Zenith Corporation is considering engaging in transactions with digital assets (cryptocurrencies) to facilitate various transactions with customers and vendors in a developing country whose political...
Periodic processing (Period-end closing) are several steps related to production that are completed periodically during the process. Overhead calculations are accumulated and are periodically...
Alberto bought a refrigerator on credit whose cash price is $7,680, and I remember paying it in four equal monthly payments. If the store where Alberto bought the refrigerator charges interest of 33%...
You are planning the audit of Outdoor Toys Inc. (OTI), a company that manufactures playground and outdoor toys. The equipment is manufactured in Windsor, Ontario, and the company has three...
What are the bases of presentation of the consolidated annual accounts? What is the process for converting annual accounts in foreign currency? What are the recording and valuation standards for...
What remains the same in a FOI (periodic) inventory system?
You have the following information for stock portfolio A and bond portfolio B. The risk-free rate is 3.0%. E r A =11% A =20% E r B =5.5% B =11% AB =0.4 THE optimal risky portfolio, P, has weights...
The following cost information was provided to you for analysis: September 12,000 Units Produced Costs: TIC TAC TOE TING August 10,000 P80,000 70.000 60.000 50,000 How much is the fixed cost per...
Which of these statements is true regarding fixed and variable costs? 1. Fixed costs increase and variable costs decrease in total as activity volume decreases. 2. Both fixed and variable costs stay...
Lancet Engineering completed the following transactions in the month of June. a. Jenna Lancet, the owner, invested $195,000 cash, office equipment with a value of $8,200, and $80,000 of drafting...
Paloma Company produces its product through a single processing department. Direct materials are added at the beginning of the process. Direct labor and overhead are added to the product evenly...
Determine the slope at $B$ and displacement at $C . E I$ is constant. W W C02 312
The two bars are pin connected at $D$. Determine the slope at $A$ and the displacement at $D$. $E I$ is constant. B 212 L2
Determine the slope at $C$ and displacement at $B$. $E I$ is constant. A a W B

Winsor manufacturing had January 1 inventory of $295000 when it adopted dollar value LIFO. During the year,

Question:

Expert Answer:

Winsors gross profit 1335500 We follow these steps to arrive at the answers 1 Calculate the ba... View the full answer

Managerial Accounting

Students also viewed these accounting questions