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

Question

1 Approved Answer

Blossom Company had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1. 2022 Purchase 127 $53 Mar. 14.2022 Purchase 219 $55 May 1,

image text in transcribed
Blossom Company had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1. 2022 Purchase 127 $53 Mar. 14.2022 Purchase 219 $55 May 1, 2022 Purchase 156 $58 The company sold 361 units at $74 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? O $20323 O $7068 $19646 $6391

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

Auditing Local Union Financial Records A Guide For Local Union Trustees

Auditing Local Union Financial Records A Guide For Local Union Trustees

Authors: John Lund

1st Edition

0875461948, 978-0875461946

More Books

Students also viewed these Accounting questions

Question

★★★★★
Methanol, CH3OH, is manufactured industrially by the reaction A gaseous mixture at 500 K is 0.020 M CH3OH, 0.10 M CO, and 0.10 M H2. What will be the direction of reaction if this mixture goes to...

Answered: 1 week ago

Question

★★★★★
The following account balances were drawn from the financial records of Kent Company (KC) as of January 1, 2018: Assets, $18,000; Liabilities, $4,800; Common Stock, $8,600; and Retained Earnings,...

Answered: 1 week ago

Question

★★★★★
_________ The ability to work well with many types of people in the workplace is referred to as a. workplace diff erentiation. b. cultural diversity. c. economic stability. d. career unity. e....

Answered: 1 week ago

Question

★★★★★
Jordan Auto has developed the following production plan for its new auto part. Each unit contains three pounds of raw material. The desired raw materials ending inventory is 120 percent of the next...

Answered: 1 week ago

Question

★★★★★
Blossom Company had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1. 2022 Purchase 127 $53 Mar. 14.2022 Purchase 219 $55 May 1, 2022 Purchase 156 $58 The company sold...

Answered: 1 week ago

Question

★★★★★
reword: Accounting is a critical skill for managing a business's taxes. Maintaining financial statements, including invoices, ledgers, and balance sheets, aids in tracking business expenses and...

Answered: 1 week ago

Question

★★★★★
The present value of a future amount was calculated to be R207,54 at a discount rate of 5% and the present value of the same future amount was calculated to be R183,30 at a discount rate of 6%. Use...

Answered: 1 week ago

Question

★★★★★
Use the data from the following file (Fish.csv) table pasted below for running linear regression. Weight Length1 Length2 Length3 Height Width 242 23.2 25.4 30 11.52 4.02 290 24 26.3 31.2 12.48 4.3056...

Answered: 1 week ago

Question

★★★★★
In the mechanism shown in Fig. 2.53, the crank AB, 70 mm long, rotates clockwise at 110 rev/min. CD is 140 mm long. Link BD is 260 mm long and slides through a swivelling pin E at the lower end of...

Answered: 1 week ago

Question

★★★★★
At January 1 , 2 0 2 4 , Brant Cargo acquired equipment by issuing a four - year, $ 1 5 0 , 0 0 0 ( payable at maturity ) , 6 % note. The market rate of interest for notes of similar risk is 1 2 % ....

Answered: 1 week ago

Question

★★★★★
A simulation of a major traffic intersection is to be conducted, with the objectives of improving current traffic flow. Provide three iterations, in increasing order of complexity, of steps 1 and 2...

Answered: 1 week ago

Question

★★★★★
5. Pick a general topic, and try to come up with several different attention getters for that topic. Heres an example for the topic dogs: c Did you know that the human mouth contains more germs than...

Answered: 1 week ago

Question

★★★★★
Methods of Delivery Guidelines for

Answered: 1 week ago

Question

★★★★★
Choose a delivery style best suited to you and your speaking situation

Answered: 1 week ago

Previous Question Next Question