ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per...
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ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit Purchased 3,400 units @ $16.40 cost per unit Sold 3,000 units June 6 June 11 June 15 June 19 June 23 June 26 June 28 Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36 %. Calculate the dollar amount of ending inventory shown on ZZ Company's June 30 balance sheet using the weighted average method. Question 6 ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit June 6 Purchased 3,400 units @ $16.40 cost per unit June 11 June 15 June 19 June 23 June 26 June 28 Sold 3,000 units Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36%. Calculate the amount of gross profit shown on ZZ Company's income statement for June using the LIFO method. 4 pts Question 7 ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit Purchased 3,400 units @ $16.40 cost per unit June 6 June 11 June 15 June 19 June 23 June 26 June 28 Sold 3,000 units Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36 %. Calculate the amount of net income shown on ZZ Company's income statement for June using the FIFO method. 4 pts ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit Purchased 3,400 units @ $16.40 cost per unit Sold 3,000 units June 6 June 11 June 15 June 19 June 23 June 26 June 28 Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36 %. Calculate the dollar amount of ending inventory shown on ZZ Company's June 30 balance sheet using the weighted average method. Question 6 ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit June 6 Purchased 3,400 units @ $16.40 cost per unit June 11 June 15 June 19 June 23 June 26 June 28 Sold 3,000 units Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36%. Calculate the amount of gross profit shown on ZZ Company's income statement for June using the LIFO method. 4 pts Question 7 ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit Purchased 3,400 units @ $16.40 cost per unit June 6 June 11 June 15 June 19 June 23 June 26 June 28 Sold 3,000 units Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units Purchase 3,700 units @ $20.70 cost per unit Sold 3,600 units Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36 %. Calculate the amount of net income shown on ZZ Company's income statement for June using the FIFO method. 4 pts
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Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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