Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 19, 2024

a physical inventory on dec 31 shows 3500 units on hand. crane sells the units for $11 each. the company has an effective tax rate

a physical inventory on dec 31 shows 3500 units on hand. crane sells the units for $11 each. the company has an effective tax rate of 18%. crane uses the periodic inventory method what is the difference in taxes if LIFO rather than FIFO is used

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Financial Accounting

Authors: Libby, Short

6th Edition

978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881

More Books

Students also viewed these Accounting questions

Question

100 1 points 80238.26 eBook 01 Print References C4-3 (Algo) Recording Transactions (Including Adjusting Entries), Preparing Financial Statements and Closing Entries, General Ledger and Computing Net...

Answered: 1 week ago

Question

I. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced...

Answered: 1 week ago

Question

An IPO is offered at $17 per share for 3 million shares. The IPO underwriters had a spread of 7%. What price did the underwriters pay per share of the IPO firm? OA. $18.19 OB. $14 OC. $16 OD. $17 OE....

Answered: 1 week ago

Question

★★★★★

Suppose the following game is repeated once (that is, played twice in total). Bridget Alex SB (40,40) (70,20) SA SA (20, 70) (30,30) (a) How many strategies does Alex have? (b) In an SPNE, what...

Answered: 1 week ago

Question

★★★★★

An absorption refrigeration system is to remove heat from the refrigerated space at -10C at a rate of 12 kW while operating in an environment at 25C. Heat is to be supplied from a solar pond at 85C....

Answered: 1 week ago

Question

★★★★★

1. Which of the following describes the economic order quantity (EOQ)? a. It is associated with a pull inventory system. b. It is the heart of a JIT purchasing system. c. It minimizes total ordering...

Answered: 1 week ago

Question

★★★★★

Paul selects a card at random from a pack of 52 cards, and then selects a second one among the 51 remaining cards (i.e. without replacement). What is the probability that the second card drawn is an...

Answered: 1 week ago

Question

★★★★★

Old Fort, Inc., has 10 million shares of common stock outstanding. The current share price is $53, and the book value per share is $1. Old Fort also has two bond issues outstanding. The first bond...

Answered: 1 week ago

Question

★★★★★

Balloons By Sunset (BBS) is considering the purchase of two new hot air balloons so that it can expand is desert sunset tours. Various information about the proposed investment follows nitial...

Answered: 1 week ago

Question

★★★★★

4. We are interested in the effect on test scores of the student-teacher ratio (STR). The following regression results have been obtained using the California data set. All the regressions used...

Answered: 1 week ago

Question

★★★★★

1.The town of Oakdale assesses property at 70% of market value. The tax rate is 2.3%. A hospital has a total market value of $850,000. How much does the hospital save by being exempt from property...

Answered: 1 week ago

Question

★★★★★

Exercise 1-11 (Algo) Cost Behavior; Contribution Format Income Statement [LO1-4, LO1-6] Harris Company manufactures and sells a single product. A partially completed schedule of the company's total...

Answered: 1 week ago

Question

★★★★★

Pintime Industries Inc. entered into a business combination agreement with Sydrolized Chemical Corporation (SCC) to ensure an uninterrupted supply of key raw materials and to realize certain...

Answered: 1 week ago

Question

★★★★★

Which statement would be considered metacommunication? Question 8 options: "Please arrive at 9 a.m." "I appreciate your effort." "Free coffee is available in the lounge." "We encourage employees to...

Answered: 1 week ago

Question

★★★★★

M F M b h = A steel beam with a rectangular cross-sectional area has a height h 32 mm and breadth b = 16 mm. It has a through thickness crack of length a = 4 mm as shown in the figure. The fracture...

Answered: 1 week ago

Question

★★★★★

Determine the values of the variable for which the expression is defined as a real number. (Enter your answer using interval notation.) x-2x-35 Need Help? Read It 40. [-/1 Points] DETAILS SPRECALC7...

Answered: 1 week ago

Question

★★★★★

Question 6 of 11 2/12 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. The following information is available for Blossom's Activewear Inc. for three...

Answered: 1 week ago

Question

★★★★★

Cable Corporation is 60% owned by Anna and 40% owned by Jim, who are unrelated. It has noncash assets, which it sells to an unrelated purchaser for $100,000 in cash and $900,000 in installment...

Answered: 1 week ago

Question

★★★★★

Exercise 4.3Permanence and Change This homework exercise aims at exploring permanence and change in the urban landscape, through a comparison of different time periods, using two different historical...

Answered: 1 week ago

Question

★★★★★

4.3What are the main differences, in terms of singular buildings, between Greek and Roman cities? i. While in Greek cities these buildings adopted strategic locations somehow independent from...

Answered: 1 week ago

Question

★★★★★

4.5 What is the main innovation of mediaeval cities, in terms of streets and buildings, in relation to former cities? i. An irregular pattern of streets, the design of homogenous building faades,...

Answered: 1 week ago

Previous Question Next Question