Carbondale Company had the following data available for the last six months: Beg. inventory 10 units...

Carbondale Company had the following data available for the last six months: Beg. inventory 10 units $55 per unit Purchase, 3/1 30 units $60 per unit Sale, 4/1 25 units $100 per unit Purchase, 5/1 25 units $65 per unit Sale, 6/1 20 units $100 per unit Operating expenses are $2,000 per month. The income tax rate is 30%. Required: 1. Compute Cost of Goods Sold for the six months ending June 30 using: a. FIFO perpetual b. LIFO perpetual 2.How much will the company save in income taxes if they use LIFO instead of FIFO

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ekkarill92 answered 2 years ago

Flint Company uses the periodic inventory method and had the following inventory information available: Units Unit...

Flint Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 92 $4 $368 1/20 Purchase 460 $5 2,300 7/25 Purchase 92 $7 644 10/20 Purchase 276 $8 2,208 Total 920 $5,520 A physical count of inventory on December 31 revealed that there were 322 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0...

Hansen Company uses the periodic inventory method and had the following inventory information available: Units Unit...

Hansen Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $3 $300 1/20 Purchase 500 $4 2,000 7/25 Purchase 100 $5 500 10/20 Purchase 300 $6 1,800 1,000 $4,600 A physical count of inventory on December 31 revealed that there were 380 units on hand. Answer the following independent questions. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December...

Morton Company uses the periodic inventory method and had the following inventory information available: Units Unit...

Morton Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $4 $400 1/20 Purchase 400 $5 2,000 7/25 Purchase 200 $7 1,400 10/20 Purchase 300 $8 2,400 1,000 $6,200 A physical count of inventory on December 31 revealed that there were 350 units on hand. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead...

Beg Inventory 50 units at $5 each Purchase 10 units at $6 each Sale 30 units...

Beg Inventory 50 units at $5 each Purchase 10 units at $6 each Sale 30 units at $15 each Purchase 10 units at $7 each Sale 25 unites at $15 each a .)Find Cost of Goods Sold and Ending Inventory using the FIFO method B.)Find Cost of Goods Sold and Ending Inventory using the LIFO - Perpetual

Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,900 units...

Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,900 units at $20; purchases, 5,700 units at $25; operating expenses (excluding income taxes), $96,000; ending inventory per physical count at December 31, 1,200 units; sales price per unit, $50; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Between FIFO...

Potter Company has the following data available: Transaction Units Purchased Unit Cost Units Sold Beginning Inventory...

Potter Company has the following data available: Transaction Units Purchased Unit Cost Units Sold Beginning Inventory 500 $10 March 1 Purchase 200 $12 April 25 Sale 350 June 10 Purchase 300 $14 July 20 Sale 250 October 30 Purchase 300 $15 December 15 Sale 400 If Potter Company uses a perpetual movingminus average inventory system, the cost of goods sold for the year is ________. (Round average cost per unit to four decimal places and all other numbers to...

The following units are available for sale during the year: January 1 Beginning Inventory 10 units...

The following units are available for sale during the year: January 1 Beginning Inventory 10 units at $18 each April 3 Purchase 30 units at $20 each August 31 Purchase 28 units at $25 each September 29 Purchase 17 units at $30 each December 31 Ending Inventory 21 units Determine ending inventory cost by (a) FIFO method, (b) LIFO method, and (c) average cost method.

McGuire Metals Ltd uses the periodic inventory method and had the following inventory information available: Units...

McGuire Metals Ltd uses the periodic inventory method and had the following inventory information available: Units Unit Cost Unit Price 1st January Beginning inventory 38 $3 20th February Sale 15 $5 25th July Purchase 20 $4 20th October Purchase 10 $5.5 20th December Sale 30 $8 Required What would the Inventory amount be as reported on the balance sheet at 31 December 2019 if the perpetual LIFO method is used? Use the following template in your Word document file. Metro...

ABC Company has the following sales budget for the last six months of 2020:

Note: Not all sales are always collected. Remember Bad Debt Expense. So don’t worry if the problems do not add up to 100%. 1. ABC Company has the following sales budget for the last six months of 2020: July $9,000 August $8,000 September $11,000 October $9,000 Historically, the cash collection of sales has been as follows: 35% of sales collected in the month of sale, 45% of sales collected in the month...

Based on the last six months of data, suppose that the percent of daily volume that...

Based on the last six months of data, suppose that the percent of daily volume that occurs in each hour is as follows: 9:30-10:30 20% 10:30-11:30 10% 11:30-12:30 10% 12:30-1:30 10% 1:30-2:30 10% 2:30-3:30 15% 3:30-4:00 25% You need to design a VWAP algo to buy 28,000 shares Start time: 12:30 End time 4:00 Please enter your order sizes at the end of each hour 10:30 11:30 12:30 1:30 2:30 3:30 Close:

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