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12) Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 $305,000 9.000 $296.000 2017 $284,000 6,000 $278,000 Sales Sales returns
12) Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 $305,000 9.000 $296.000 2017 $284,000 6,000 $278,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 43,000 152.000 195,000 57.000 138,000 $158.000 36,000 146.000 182,000 43.000 139,000 $139.000 ATC's gross profit ratio (rounded) in 2018 is. A) 51.9% B) 50.3% C) 53.4% D) None of these answer choices are correct. 13) 13) Buckeye Corporation adopted dollar-value LIFO on January 1, 2018, when the inventory value was $500,000 and the cost index was 1.0. On December 31, 2018, the inventory value at year-end costs was $535,000 and the cost index was 1.06. Buckeye would report a LIFO inventory of: A) $505,000. B) $504,717. C) $530,000 D) $533,019
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