Nueva Company reported the following pretax data for its first year of operations.

Net sales	7,380
Cost of goods available for sale	5,640
Operating expenses	1,578
Effective tax rate	40%
Ending inventories:
If LIFO is elected	637
If FIFO is elected	814

What is Nueva's net income if it elects FIFO? (Round your intermediate and final answer to the nearest whole dollar amount.)

$586.

$976.

$479.

$799.

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Thompson TV and Appliance reported the following in its 2016 financial statements:

	2016
Sales	$438,000
Cost of goods sold:
Inventory, January 1	71,000
Net purchases	327,000
Goods available for sale	398,000
Inventory, December 31	91,000
Cost of goods sold	307,000
Gross profit	$131,000

Thompson's 2016 gross profit ratio is (Round your answer to the nearest whole percentage):

25%.

29%.

30%.

None of these is correct.

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Anthony Thomas Candies (ATC) reported the following financial data for 2016 and 2015:

	2016	2015
Sales	$314,000	$287,000
Sales returns and allowances	8,000	4,800
Net sales	$306,000	$282,200
Cost of goods sold:
Inventory, January 1	55,000	34,000
Net purchases	145,000	143,000
Goods available for sale	200,000	177,000
Inventory, December 31	57,000	55,000
Cost of goods sold	143,000	122,000
Gross profit	$163,000	$160,200

ATC's gross profit ratio in 2016 is (Round your answer to one decimal place e.g., .123 as 12.3%):

53.3%.

54.9%.

53.8%.

None of these is correct.

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Anthony Thomas Candies (ATC) reported the following financial data for 2016 and 2015:

	2016	2015
Sales	$321,000	$293,000
Sales returns and allowances	7,500	5,400
Net sales	$313,500	$287,600
Cost of goods sold:
Inventory, January 1	58,000	21,000
Net purchases	145,000	138,000
Goods available for sale	203,000	159,000
Inventory, December 31	73,000	58,000
Cost of goods sold	130,000	101,000
Gross profit	$183,500	$186,600

The average days inventory for ATC for 2016 is (Round intermediate calculations to two decimal places. Round your final answer to a whole number):

rev: 11_19_2015_QC_CS-33523

184 days.

244 days.

255 days.

Less than 100 days.

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On January 1, 2016, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $109,000. The 2016 ending inventory, valued at year-end costs, was $132,880. The relative cost index for this inventory in 2016 was 1.10. Assume that Badger's 2017 ending inventory, valued at year-end costs, was $145,000 and that the relative cost index for this inventory in 2016 was 1.16.

Suppose that Badger's 2018 ending inventory, valued at year-end costs, was $147,500 and that the relative cost index for this inventory in 2018 was 1.18. What inventory balance would Badger report on its 12/31/18 balance sheet?

$125,000

$126,852

$147,500

None of these answer choices is correct.

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Linguini Inc. adopted dollar-value LIFO (DVL) as of January 1, 2016, when it had an inventory of $860,000. Its inventory as of December 31, 2016, was $878,900 at year-end costs and the cost index was 1.10. What was DVL inventory on December 31, 2016?

799,000

860,000

878,900

946,000