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Please help due tonight. file attached thanks This is multi questions please let me know if you need anything else. 1) At the end of
Please help due tonight. file attached thanks
This is multi questions
please let me know if you need anything else.
1) At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Units 1,850 Unit Cost $ 7 5,080 9 1 0 2,840 Inventory, December 31, current year 4,150 Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods Fifo Lifo Average cost ENDING INVENTORY Cost of goods sold 2) At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($55 each) Operating expenses (excluding income tax expense) $ Units 2,820 Unit Cost $ 12 8,830 7,980 10,990 10 15 191,000 Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. 3) Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 4) Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,170 units at $38; purchases, 7,880 units at $40; expenses (excluding income taxes), $192,800; ending inventory per physical count at December 31, current year, 1,700 units; sales, 8,350 units; sales price per unit, $80; and average income tax rate, 34 percent. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods 5) Parson Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Ite m A B C D ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity Value (Market) on Hand Unit Cost When Acquired (FIFO) at Year-End 25 $ 15 $ 20 60 45 49 40 62 60 15 32 37 6) he income statement for Pruitt Company summarized for a four-year period shows the following: Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (40%) Net income $ $ 2016 2,030,000 $ 1,487,000 543,000 474,000 69,000 27,600 41,400 $ 2017 2,460,000 $ 1,619,000 841,000 507,000 334,000 133,600 200,400 $ 2018 2,705,000 $ 1,762,000 943,000 528,000 415,000 166,000 200,400 $ 2019 2,989,000 2,097,000 892,000 522,000 370,000 148,000 222,000 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $10,000. The company uses a periodic inventory systemStep by Step Solution
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