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

Question

1 Approved Answer

24. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchase 54 $45 3/14/16 Purchase 93 $47 5/1/16 Purchase 66 $49

image text in transcribed
image text in transcribed
24. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchase 54 $45 3/14/16 Purchase 93 $47 5/1/16 Purchase 66 $49 The company sold 140 units at $65 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars) a. $2,388 b. $2,628 c. $6,472 d. $6,712

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

A Spiritual Audit Of Corporate America A Hard Look At Spirituality Religion And Values In The Workplace

A Spiritual Audit Of Corporate America A Hard Look At Spirituality Religion And Values In The Workplace

Authors: Ian Mitroff, Elizabeth A. Denton

1st Edition

978-1118599617

More Books

Students also viewed these Accounting questions

Question

★★★★★
A telescope is constructed from two lenses with focal lengths of 95.0 cm and 15.0 cm, the 95.o.cm lens being used as the objective. Both the object being viewed and the final image are at infinity....

Answered: 1 week ago

Question

★★★★★
Let ni, n 2 , ... , n 2 , n t be positive integers such that n 1 + n 2 + + n t = n and for each i let M i be an n i X n i matrix. Let M be then X n matrix where the main diagonal of each M i lies...

Answered: 1 week ago

Question

★★★★★
CR3.9 Students in California are required to pass an exit exam in order to graduate from high school. The pass rate for San Luis Obispo High School has been rising, as have the rates for San Luis...

Answered: 1 week ago

Question

★★★★★
(Comprehensive Problem: Issuance, Classification, Reporting) Presented below are four independent situations. (a) On March 1, 2011, Wilke Co. issued at 103 plus accrued interest $4,000,000, 9% bonds....

Answered: 1 week ago

Question

★★★★★
24. Nicholas Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/16 Purchase 54 $45 3/14/16 Purchase 93 $47 5/1/16 Purchase 66 $49 The company sold 140 units at...

Answered: 1 week ago

Question

★★★★★
On January 1, Year 4, Cat Corporation purchased common shares of Mouse Limited for $2,000,000. On that date the net assets of Mouse had carrying value of $6,000,000 and all of the individual assets...

Answered: 1 week ago

Question

★★★★★
Indira is getting ready to shift from a building mindset to a learning mindset for her projects. What is the first thing she will do to prioritize learning? Select an answer: Debate that learning...

Answered: 1 week ago

Question

★★★★★
Deb Bishop Health and Beauty Products has developed a new shampoo and you need to develop its aggregate schedule. The cost accounting department has supplied you the cost relevant to the aggregate...

Answered: 1 week ago

Question

★★★★★
The script should run every 30 minutes using a cron job under user "bill" and work exactly as described in the man page accompanying this exercise. When a zombie is detected a log message is appended...

Answered: 1 week ago

Question

★★★★★
Which bias helps to explain why people like to go to all-inclusive resorts, where the entire cost of the vacation is paid upfront, and guests don't have to pay for individual meals, drinks,...

Answered: 1 week ago

Question

★★★★★
A local gym is looking in to purchasing more exercise equipment and runs a survey to find out the preference in exercise equipment amongst their members. They categorize the members based on how...

Answered: 1 week ago

Question

★★★★★
c. What were you expected to do when you grew up?

Answered: 1 week ago

Question

★★★★★
d. How were you expected to contribute to family life?

Answered: 1 week ago

Question

★★★★★
e. What do you know about your ethnic background?

Answered: 1 week ago

Previous Question Next Question