{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T00:02:57-04:00", "answer_date": "2024-05-27 00:02:57", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1766668", "url": "\/study-help\/questions\/computing-and-analyzing-a-lifo-liquidation-chides-storage-facility-was-1766668", "question_creation_date_js": "2024-05-27T00:02:57-04:00", "question_creation_date": "May 27, 2024 12:02 AM", "meta_title": "[Solved] Computing and Analyzing a LIFO Liquidatio | SolutionInn", "meta_description": "Answer of - Computing and Analyzing a LIFO Liquidation Chide's storage facility was shut down due to a strike in December 2020, re | SolutionInn", "meta_keywords": "computing,analyzing,lifo,liquidation,chide,s,storage,facility,shut,due,strike,december", "question_title_h1": " Computing and Analyzing a LIFO Liquidation Chide's storage facility was shut down due to a strike in December 2020, resulting in a drastic reduction", "question_title": " Computing and Analyzing a LIFO Liquidation Chide's storage facility was shut", "question_title_for_js_snippet": "Computing and Analyzing a LIFO Liquidation Chide's storage facility was shut down due to a strike in December 2020, resulting in a drastic reduction in inventory The company had switched to LIFO effective January 1, 2020 The following data are available Chide is on a calendar year reporting basis Beginning inventory (Base layer of LIFO January 1) 40,000 Units Unit Cost $1 00 900,000 $1 25 940,000 Inventory purchases during 2020 Total available for sale Sales (valued on a LIFO basis) from Purchases 900,000 $1 25 Base inventory layer 20,000 $1 00 Total 920,000 Ending inventory (December 31, 2020) 20,000 What is the LIFO liquidation after tax profit or loss assuming a 25 tax rate Note Indicate a loss with a negative sign $ 0", "question_description": "\"image", "transcribed_text": "Computing and Analyzing a LIFO Liquidation Chide's storage facility was shut down due to a strike in December 2020, resulting in a drastic reduction in inventory. The company had switched to LIFO effective January 1, 2020. The following data are available. Chide is on a calendar-year reporting basis. Beginning inventory (Base layer of LIFO-January 1) 40,000 Units Unit Cost $1.00 900,000 $1.25 940,000 Inventory purchases during 2020 Total available for sale Sales (valued on a LIFO basis) from: Purchases 900,000 $1.25 Base inventory layer 20,000 $1.00 Total 920,000 Ending inventory (December 31, 2020) 20,000 What is the LIFO liquidation after-tax profit or loss assuming a 25% tax rate? Note: Indicate a loss with a negative sign. $ 0", "related_book": { "title": "Managerial Accounting", "isbn": "9780618777174, 618777180, 618777172, 978-0618777181", "edition": "8th Edition", "authors": "Susan V. Crosson, Belverd E. Needles", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/240.jpg", "uri": "\/textbooks\/managerial-accounting-8th-edition-240", "see_more_uri": "" }, "free_related_book": { "isbn": "0521091888", "uri": "\/textbooks\/an-introduction-to-riemannian-geometry-and-the-tensor-calculus-1st-edition-978-0521091886-138700", "name": "An Introduction To Riemannian Geometry And The Tensor Calculus", "edition": "1st Edition" }, "question_posted": "2024-05-27 00:02:57", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/dakota-company-purchased-several-assets-from-a-competitor-paying-a-442432", "description": "Dakota Company purchased several assets from a competitor, paying a lump-sum of $1,000,000 (one million dollars). The assets included: i. Land - valued at $420,000 ii. 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