This question's due date has already passed. You may post a tutorial, but there's no guarantee that the original asker will purchase the tutorial. But other people might!

Question

# \$1.00question 5

• From Economics: Accounting
• Closed, but you can still post tutorials
• Due on Jun. 16, 2012
• Asked on Jun 13, 2012 at 3:03:35PM

Rating :No Rating
Tutorials Posted: 0

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

Click here if you would like to Show Work for this question

 Question Attempts: 0 of 1 used

Available Tutorials to this Question

\$0.50
• This tutorial was purchased 1 time and rated No Rating by students like you.
• Posted on Jun 13, 2012 at 3:06:17PM
Posted by :

Rating (5):C-
Tutorials Posted: 44,
Earned: \$52.31

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) + ...

The full tutorial is about 120 words long .

\$1.50
5. Lee Industries had the following inventory transactions occur
• This tutorial hasn't been purchased yet.
• Posted on Jun 13, 2012 at 10:26:38PM
Posted by :

Rating (243):A+
Tutorials Posted: 3446,
Blog Posts: 2,
Earned: \$30,287.89

A:
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 ...

The full tutorial is about 148 words long plus attachments.

Attachments:
5. Lee Industries had the following inventory transactions occur.xlsx (9K)
5. Lee Industries had the following inventory transactions occur.xls (14K)