Current Attempt in Progress Marigold Industries has the following inventory information. July Beginning Inventory 35 units at $ 120 5 Purchases 240 units at $ 109 14 Sale 180 units 1 21 Purchases 140 units at $ 115 30 Sale 160 units Assuming that a periodic inventory system is used, what is the amount allocated to endir $29945 O $8560 O $ 30285 O $8625 The accountant at Bramble Company is figuring out the difference in income taxes the company will pay depending on the choice of either FIFO or LIFO as an inventory costing method. The tax rate is 35% and the FIFO method will result in income before taxes of $ 10100. The LIFO method will result in income before taxes of $ 7900. What is the difference in tax that would be paid between the two methods? O $ 770. O $1430. O $2200. O Cannot be determined from the information provided. Under the lower-of-cost-or-net-realizable-value basis in valuing inventory, net realizable value is defined as O estimated selling price less estimated costs to complete and sell. selling price. O historical cost plus 10%. O selling price less markup. Bramble Department Store utilizes the retail inventory method to estimate its inventories. It calculated its cost to retail ratio during the period at 80%. Goods available for sale at retail amounted to $ 571000 and goods were sold during the period for $415000. The estimated cost of the ending inventory is O $124800 O $456800 O $156000. O $332000 Save for Latur y lids ollowing inventory information. July 1 5 Beginning Inventory 30 units at $ 90 Purchases 70 units at $90 Sale 45 units Purchases 40 units at $ 90 14 21 30 Sale 28 units Assuming that a perpetual inventory system is used, what is the ending inventory (round all unit costs to three decimal places and all cost of goods sold and balance calculations to nearest dollar) under the moving-average cost method? $ 6010 O $6016 $6035 O $6030 Save for Later Current Attempt in Progress Marigold Industries has the following inventory information. July Beginning Inventory 35 units at $ 120 5 Purchases 240 units at $ 109 14 Sale 180 units 1 21 Purchases 140 units at $ 115 30 Sale 160 units Assuming that a periodic inventory system is used, what is the amount allocated to endir $29945 O $8560 O $ 30285 O $8625 The accountant at Bramble Company is figuring out the difference in income taxes the company will pay depending on the choice of either FIFO or LIFO as an inventory costing method. The tax rate is 35% and the FIFO method will result in income before taxes of $ 10100. The LIFO method will result in income before taxes of $ 7900. What is the difference in tax that would be paid between the two methods? O $ 770. O $1430. O $2200. O Cannot be determined from the information provided. Under the lower-of-cost-or-net-realizable-value basis in valuing inventory, net realizable value is defined as O estimated selling price less estimated costs to complete and sell. selling price. O historical cost plus 10%. O selling price less markup. Bramble Department Store utilizes the retail inventory method to estimate its inventories. It calculated its cost to retail ratio during the period at 80%. Goods available for sale at retail amounted to $ 571000 and goods were sold during the period for $415000. The estimated cost of the ending inventory is O $124800 O $456800 O $156000. O $332000 Save for Latur y lids ollowing inventory information. July 1 5 Beginning Inventory 30 units at $ 90 Purchases 70 units at $90 Sale 45 units Purchases 40 units at $ 90 14 21 30 Sale 28 units Assuming that a perpetual inventory system is used, what is the ending inventory (round all unit costs to three decimal places and all cost of goods sold and balance calculations to nearest dollar) under the moving-average cost method? $ 6010 O $6016 $6035 O $6030 Save for Later
