Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 22, 2024

Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 108 $45 Mar. 14, 2022 Purchase 186 $47

Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 108 $45 Mar. 14, 2022 Purchase 186 $47 May 1, 2022 Purchase 132 $49 The company sold 306 units at $63 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? (rounded to whole dollars)

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

Cost Accounting Principles And Applications

Authors: Horace R. Brock, Linda Herrington

6th Edition

0028034287, 978-0028034287

More Books

Students also viewed these Accounting questions

Question

★★★★★

1. Is the LOA a legal document? 2. Did the employer provide unlawful assistance to the union? 3. Did the employer violate Section 8(a)(2) of the NLRA?

Answered: 1 week ago

Question

★★★★★

Send the consultants report to the client and ___________. (a) myself (b) me Choose the correct option.

Answered: 1 week ago

Question

★★★★★

We throw a fair die repeatedly until an outcome of either 3 or 4 appears for the fourth time. If X denotes the number of trials until this happens, then which of the following statements is correct?...

Answered: 1 week ago

Question

★★★★★

Does the reaction p + 7/3Li 4/2He + required energy, or does it release energy? How much energy?

Answered: 1 week ago

Question

★★★★★

Lisa Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $512,000 for April and $614,400 for May. Cost of goods sold is expected to be 65% of sales. The company's desired...

Answered: 1 week ago

Question

★★★★★

ABC Company reports net income of $800,000 each year and declares an annual cash dividend of $300,000. The company holds net assets of $5,000,000 on January 1, 2016. On that date, XYZ Co. purchases...

Answered: 1 week ago

Question

★★★★★

According to lean thinking, what is one of the biggest challenges when trying to deliver a large batch of work?It can lead to a lot of scope creep.Problems can be hidden in the volume of work.Larger...

Answered: 1 week ago

Question

★★★★★

A parts supply store orders a particular item on a weekly basis. The weekly demand is 3 0 units with a standard deviation of four units. The holding cost is $ 5 per unit per week and a 9 0 % in -...

Answered: 1 week ago

Question

★★★★★

analyze the decision of IKEA to enter the bricks and mortar US retail environment with its largest investment in a single country yet (Reuters, 2023). Is IKEA's counterintuitive move based on sound...

Answered: 1 week ago

Question

★★★★★

Chikako is applying for a full-time, salaried position as an administrative assistant with Hitachi Systems, LLC. During the interview process, Chikako explains that she has low vision and will need...

Answered: 1 week ago

Question

★★★★★

Mike, Miko, Michael and Mikhael formed a partnership several years ago. They have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline...

Answered: 1 week ago

Question

★★★★★

4.72 Consider the joint probability distribution: X 1 2 Y 0 0.25 0.25 1 0.25 0.25 a. Compute the marginal probability distributions for X and Y. b. Compute the covariance and correlation for X and Y....

Answered: 1 week ago

Question

★★★★★

4.71 A call center in Perth, Australia receives an average of 1.3 calls per minute. By looking at the date, a Poisson discrete distribution is assumed for this variable. Calculate each of the...

Answered: 1 week ago

Question

★★★★★

George Tiao has 5 shares of stock A and 10 shares of stock B, whose price variations are modeled by the probability distribution in Table 4.8. Find the mean and variance of the portfolio. Table 4.8...

Answered: 1 week ago

Previous Question Next Question