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$1.00 question 5

  • From Economics: Accounting
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  • Due on Jun. 16, 2012
  • Asked on Jun 13, 2012 at 3:03:35PM
Asked by :
jasellers1965
jasellers1965
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Q:

Lee Industries had the following inventory transactions occur during 2010:

 

 

  

 

Units

 

Cost/unit

2/1/10

 

Purchase

 

18

 

$45

3/14/10

 

Purchase

 

31

 

$47

5/1/10

 

Purchase

 

22

 

$49


The company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars)

$772

$2,365

$2,441

$848

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  • Posted on Jun 13, 2012 at 3:06:17PM
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A:
Preview: ... units with a cost of $47 each 2 units with a cost of $49 each So the cost of goods sold is ($45 X 18) + ($47 X 31) + ...
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5. Lee Industries had the following inventory transactions occur
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  • Posted on Jun 13, 2012 at 10:26:38PM
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Preview: ... Sometimes I have uploaded the file but for some reason, it doesn't get attached.  In which case, please send me a message immediately.  Please wait for me to respond ...
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