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, 2022

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? $20323 $7068 O $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

Fundamental financial accounting concepts

Fundamental financial accounting concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

8th edition

978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365

More Books

Students also viewed these Accounting questions

Question

★★★★★
a. Find the probability that in a year, there will be 5 hurricanes. b. In a 55-year period, how many years are expected to have 5 hurricanes? c. How does the result from part (b) compare to the...

Answered: 1 week ago

Question

★★★★★
66 67 70 71 72 73 74 Exercise 5 If you purchase a machine and borrow $10000, what will your approximate monthly payment be if you pay back the loan over 5 years. Assume a 10% interest rate. Submit...

Answered: 1 week ago

Question

★★★★★
Consider your own workplace or university and find the weak spots in its defences against unsafe behaviour, that is, look around and search for potential safety issues. What sort of errors could you...

Answered: 1 week ago

Question

★★★★★
Fifteen years ago the Acme Manufacturing Company bought a propane-powered forklift truck for $4800. The company depreciated the forklift using straight line depreciation , a 12-year life, and zero...

Answered: 1 week ago

Question

★★★★★
Note: This homework assignment accounts for 6 points. No point will be given when (1) it is past due, (2) it is incomplete, (3) no work is provided, or (4) most answer/work is incorrect. Points will...

Answered: 1 week ago

Question

★★★★★
Imagine that someone takes many measurements of a real-world quantity at regular intervals of time, thereby producing a large data set S = {x,x2,...,xN} consisting of the values of their...

Answered: 1 week ago

Question

★★★★★
Consider the flows in the Shouldice table shown below. Day In (afternoon of the day) Discharge (morning of the day) In the System Sunday (S1) 27 0 27 Monday (M1) 27 0 54 Tuesday (T1) 27 0 81...

Answered: 1 week ago

Question

★★★★★
1) A firm needed $500,000 total resources to operate a project that would yield them a profit. It has drafted two (2) alternatives in order to procure this amount. First alternative - invest $40,000...

Answered: 1 week ago

Question

★★★★★
Assume you are a network administrator. Your internal network has application servers that are accessed by inbound traffic from the Internet. You are considering several strategies. The strategy you...

Answered: 1 week ago

Question

★★★★★
Novak Company has two production departments, Fabricating and Assembling. At a department managers' meeting, the controller uses flexible budget graphs to explain total budgeted costs. A separate...

Answered: 1 week ago

Question

★★★★★
Vehicle speed on a particular bridge in China can be modeled as a normal distribution. If 5% of all vehicles travel less than 39.58 miles/hr and 10% travel more than 73.95 miles/hr, what are the mean...

Answered: 1 week ago

Question

★★★★★
Explain how coaching can be used to maintain effective performance and encourage superior performance

Answered: 1 week ago

Question

★★★★★
Explain the need for remedial basic skills training programs

Answered: 1 week ago

Question

★★★★★
Describe a typical interpersonal skills training program

Answered: 1 week ago

Previous Question Next Question