FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

16- Marigold Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 84 $35 Mar. 14, 2022 Purchase 145 $37

image text in transcribed

16- Marigold Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 84 $35 Mar. 14, 2022 Purchase 145 $37 May 1, 2022 Purchase 103 $38 The company sold 239 units at $49 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? $8946 $8685 $3026 $2765

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1-29

College Accounting Chapters 1-29

Authors: John J. Wild, Vernon J. Richardson, Ken W. Shaw

2nd Edition

0077398173, 978-0077398170

More Books

Students also viewed these Accounting questions

Question

★★★★★
Ilya and Olga are brother and sister. Ilya owns 200 shares of stock in Parker Corporation. Is Olga deemed to own Ilya's 200 shares under the family attribution rules that apply to stock redemptions?

Answered: 1 week ago

Question

★★★★★
Perdue Company purchased equipment on April 1 for $270,000. The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of $9,000. The equipment...

Answered: 1 week ago

Question

★★★★★
=+23. Advertising strategies EVPI.

Answered: 1 week ago

Question

★★★★★
Brushstroke Art Studio, Inc., provides quality instruction to aspiring artists. The business adjusts its accounts monthly, but performs closing entries annually on December 31. This is the studios...

Answered: 1 week ago

Question

★★★★★
Suppose a stock had an initial price of $88 per share, paid a dividend of $1.90 per share during the year, and had an ending share price of $73.50. Requirement 1: Compute the percentage total return....

Answered: 1 week ago

Question

★★★★★
Julio produces two types of calculator, standard and deluxe. The company is currently using a traditional costing system with machine hours as the cost driver but is considering a move to...

Answered: 1 week ago

Question

★★★★★
Q-2) In order to comment on whether the design specifications are being matched or not, perform relevant hypothesis tests and calculate the p-value for each. What will you conclude? Assume you are...

Answered: 1 week ago

Question

★★★★★
A Cancer Testing Center has been presented with a proposal to offer a new diagnostic procedure that would require the purchase of a specialized piece of equipment.This piece of equipment offers...

Answered: 1 week ago

Question

★★★★★
For the dependent variable Y and the independent variables X1 and X2, the linear regression model is given by: Y=0.08059*X1-0.16109*X2+5.26570. Complete the following table: Actual Y X1 X2 Predicted...

Answered: 1 week ago

Question

★★★★★
For the beam and loading shown, use discontinuity functions to compute: (a) the deflection VA of the beam at A, and (b) the deflection Vmidspan of the beam at midspan (i.e., x = 2.7 m). Assume a...

Answered: 1 week ago

Question

★★★★★
Which of the following is NOT an external trend that affects the use of mobile marketing? Multiple Choice People use mobile devices multiple times a day. Smartphone and tablets are not as popular as...

Answered: 1 week ago

Question

★★★★★
Explain how you would reduce stress at work.

Answered: 1 week ago

Question

★★★★★
Explain how to reduce the occurrence of unsafe acts on the part of your employees.

Answered: 1 week ago

Question

★★★★★
Working individually or in groups, compile a list of the factors at work or in school that create dysfunctional stress for you. What methods do you use for dealing with the stress?

Answered: 1 week ago

Previous Question Next Question