Business, 26.08.2021 17:30, ljoslin21

The management of Pharoah Company asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data. Inventory, January 1 (9,910 units) $ 34,685 Cost of 126,820 units purchased 495,272 Sales revenue on 95,220 units 800,900 Operating expenses 114,858 Units purchased consisted of 36,560 units at $3.70 on May 10, 63,640 units at $3.90 on August 15, and 26,620 units at $4.20 on November 20. Income taxes are 30%. Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to 0 decimal places)
Condensed Income Statements For the Year Ended December 31, 2017 Y LIFO 723200 $ 723200 Sales Cost of Goods Sold Beginning Inventory 38418 38418 Cost of Goods Purchased 526754 526754 Cost of Goods Available for Sale Less ?. Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses 117920 117920 Income before Income Taxes Y Net Income/(Loss)

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 15:20, rasv3491

Garfield corporation is considering building a new plant in canada. it predicts sales at the new plant to be 50,000 units at $5.00/unit. below is a listing of estimated expenses. category total annual expenses % of annual expense that are fixed materials $50,000 10% labor $90,000 20% overhead $40,000 30% marketing/admin $20,000 50% a canadian firm was contracted to sell the product and will receive a commission of 10% of the sales price. no u. s. home office expenses will be allocated to the new facility. the contribution margin ratio for garfield corporation is

Answers: 2

continue

Business, 22.06.2019 21:00, jonathanvega424

There is just one person in our group, silvia, who seems to have radically different ideas about how to complete our project. she seems to purposely disagree with the majority opinions of the rest of us though yesterday she said something that made a lot of sense to us solve our production problem. i suggested to the entire group today that we hear silvia’s suggestions and asked silvia to share in-depth more of what she said yesterday. i am using which adaptive leader behavior?

Answers: 2

continue

Business, 22.06.2019 21:00, neylabaker7489

In a transportation minimization problem, the negative improvement index associated with a cell indicates that reallocating units to that cell would lower costs. truefalse

Answers: 1

continue

Business, 22.06.2019 23:20, hernandezeileen20

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?

Answers: 3

continue

Do you know the correct answer?

The management of Pharoah Company asks your help in determining the comparative effects of the FIFO...