Tamara Company began the year with three items in beginning inventory, each costing $4. During the year Tamara purchased five more items at a cost of $5 each and two more items at a cost of $6.50 each. Traylor sold seven items for $9 each. If Traylor uses LIFO, what would be Tamara's gross profit for the year? a. $40 O b. $20 O c. $25 d. $35

Tamara Company began the year with three items in beginning inventory, each costing $4. During the year Tamara purchased five more items at a cost of $5 each and two more items at a cost of $6.50 each. Traylor sold seven items for $9 each. If Traylor uses LIFO, what would be Tamara's gross profit for the year? a. $40 O b. $20 O c. $25 d. $35

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Description: q(28)This multible choice question from ACCOUNTING PRINCIPLES I.just write for me the final answer. 28Tamara Company began the year with three items in beginning inventory, each costing $4. During theyear Tamara purchased five more items at a cost of

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its ending inventory was 2,100, and costs had increased 5% during the year. Required: What is the ending inventory using dollar-value LIFO? Round to the nearest dollar.
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
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Traylor Corporation began the year with three items in beginning inventory, each costing $5. During the year Traylor purchased five more items at a cost of $6 each and then two more items at a cost of $7 each. Traylor sold eight items for $10 each. If Traylor uses a periodic LIFO system, what would be Traylor’s gross profit for this year? 45 $45 $80 $80 $51 $51 $36
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