Sunland Company had the following inventory transactions occur during 2022:         Units   Cost/unit Feb. 1, 2022   Purchase   104   $43 Mar. 14, 2022   Purchase   179   $45 May 1, 2022   Purchase   127   $47 The company sold 294 units at $60 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1728, what is the company’s after-tax income using LIFO?   $2007.60 $1699.60 $2428.00 $2868.00

Q: At December 31, 2021, Bosan Corporation has 4,900 units of Model 63 and 3,500 units of Model 64 in…

A: The inventory value is calculated as lower of cost or Net realizable value.

Q: IJUN Company sells five kinds of products and reports its inveory at Lower of Cost and Net…

A: Answer:-  In the lower of cost and net realizable value which can be treated in the inventory price…

Q: At the beginning of 2022, no Co. has an inventory amounting to P400,000. During the year, no Co.…

A: Inventory Turnover Ratio=Cost of Goods SoldAverage Inventory

Q: Beta Company uses a periodic inventory system. Details for the inventory account for the month of…

A: LIFO method: Last-in, first-out method is one of the inventory valuation methods that assume the…

Q: The Ryan Corporation uses the periodic inventory method. The following data were available for the…

A: Note: As per the policy, we are supposed to solve the first three subparts at a time, kindly repost…

Q: Uki Company had the following transactions for inventory during 2020:   Units Unit Cost Unit…

A:

Q: sold? IJUN Company sells five kinds of products and reports its inventory at Lower of Cost and Net…

A: Inventory is values at cost of realizabe value which ever is lower, but the same is understood by…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Under Last-in-First out method, inventory that is brought at later dates is sold first ( Newest…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: computation of inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO…

Q: Coronado Industries had the following inventory transactions occur during 2014: Units ==!T Cost/unit…

A: After tax income =Net sales - Cost of goods sold - tax expense

Q: At the beginning of 2021, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: Vaughn Company's inventory records show the following data: Units Unit Cost Inventory, January 1…

A: Meaning of LIFO  Last in, first out (LIFO) is a method used to account for inventory that records…

Q: Keiko Company took a physical inventory at December 31, 2020 and determined that RM3,530,000 of…

A: Solution: Inventory to be reported on Dec 31, 2020 = Physical inventory + goods consigned with…

Q: Waterway Company's inventory records show the following data: Units Unit Cost 10200 Inventory,…

A: The direct cost associated with the production of a product constitutes the cost of goods sold in…

Q: Crane Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was…

A: Solution: Cost of goods available for sale = (110*$21) + (310*$25 + 310*$26 + 210*$29 + 110*$32) =…

Q: Pharoah Company had the following records:     2022   2021 Ending inventory   $ 42000   $ 30000…

A: Average inventory = Beginning inventory + ending inventory) / 2 = (42000 + 30000) = $36,000

Q: Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: During 2021, a company sells 379 units of inventory for $92 each. The company has the following…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: The goods shipped to customer FOB shipping point, should not be included in inventory after the…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: To compute dollar value LIFO inventory, first we compute  price index for every year by…

Q: Kumar Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $214,000,000 at both…

A: No. Account Titles and Explanations Debit Credit a. Cost of goods sold $21,000,000…

Q: During 2021, a company sells 310 units of inventory for $92 each. The company has the following…

A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

Q: Notts Ltd's cost of sales on its statement of profit or loss for the ended 31 December 2020 is…

A: Purchases can be calculated with the help of the cost of sales formula which is as follows Cost of…

Q: Sheffield inventory turnover ratio in 2022 was

A: Inventory Turnover ratio =Cost of Goods Sold/Average Inventory

Q: During 2021, a company sells 25 units of inventory. The company has the following inventory purchase…

A: Formula: Cost per unit = Total cost / Number of units.

Q: Kumar Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $214,000 at both cost and…

A:

Q: 18. On January 2020, Roel Corp. Has th following inventory purchases. January Units Amount P7,500…

A: FIFO means where the goods purchased first will be sold first and closing inventory will consist of…

Q: Mercury Company has only one Inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: The dollar value method to valuate the LIFO inventories , is a method which determines the cost by…

Q: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: Last in First out (LIFO) is one of the inventory valuation methods in which the latest inventory…

Q: Eneri Company's inventory records show the following data:         Units   Unit Cost Inventory…

A: A cost sheet is a statement that is prepared with a view to show the different components of costs…

Q: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the cost of initial purchased items are…

Q: 1.. On January 2020, Roel Corp. Has the following inventory…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO: Under this method, merchandise purchased last were used initially for sale or production…

Q: At the beginning of 2018, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: The company uses LIFO periodic inventory method. Given the following information, what LIFO…

A: In the context of the given question, we should compute the LIFO liquidation profit and after-tax…

Q: During 2021, a company sells 340 units of inventory for $90 each. The company has the following…

A: Ending inventory (units) = Total units available for sale - no. of units sold = 418 - 340 = 78 units

Q: On January 1, 2021, the Haskins Company adopted the dollar-value LIFO method for its one inventory…

A: LIFO -  LIFO method uses inventory that is purchased last. The LIFO method is used for perishable…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Liquidated units = 85,000 - 80,000 = 5,000 units

Q: 17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750…

A: Date Units Amount January     2 5750 P7500 7 5100 5850 15 7600 6300 25 6600 4950 Total…

Q: The following information was available for Metlock, Inc. at December 31, 2022: beginning inventory…

A: Formula:

Q: The Cecil Booker Vending Company changed is method of valuing inventory from the average cost method…

A:

Q: During 2021, a company sells 280 units of inventory for $89 each. The company has the following…

A: Under FIFO the earliest  goods will be sold first

Q: Fig Company's inventory at December 31, 2021 was P570,000 based on a physical count of goods priced…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: During 2021, a company sells 280 units of inventory for $86 each. The company has the following…

A: Ans. In FIFO method the goods which was purchased first was sold first.   FIFO stands for " First -…

Q: During 2021, Sheridan Company purchased $4100000 of inventory. The cost of goods sold for 2021 was…

A: Solution: beginning inventory = cost of goods sold + ending inventory - purchases =4049000 + 410000…

Q: acme company had the following records:                                               2022…

A: The average days in inventory is calculated as average inventory divided by cost of goods sold and…

Q: The Ryan Corporation uses the periodic inventory method. The following data were available for the…

A: LIFO Reserve: LIFO reserve is the difference in value of inventory calculated using LIFO and FIFO…

Q: Cheyenne Corp. had the following inventory transactions occur during 2022:         Units…

A: Under LIFO method, newer units are sold first and old units are sold later.

Q: Lily Technologies Company reported the following income statement data for a 2-year period.…

A: The income statement is one of the essential part of financial statements used for reporting the…