Question
Quarantine Nation Corp has the following layers of inventory: year # units price/unit total cost 2016 200 $10 $2,000 2017 300 $11 $3,300 2018 250
Quarantine Nation Corp has the following layers of inventory: year # units price/unit total cost 2016 200 $10 $2,000 2017 300 $11 $3,300 2018 250 $12 $3,000 2019 180 $15 $2,700 930 $11,000 During 2020, Quarantine Nation Corp sells 280 units of inventory for $40/unit (and collects cash immediately). Assuming Quarantine Nation uses the LIFO method, the journal entry for the sale will include: a debit to cost of goods sold of 2,880 a debit to cost of goods sold of 3,900 a debit to cost of goods sold of 11,200 a debit to inventory of 2,880 a debit to inventory of 3,900 a debit to inventory of 11,200 <--- enter your answer here What is the ending balance of inventory if Quarantine Nation uses the weighted average method? Round to the nearest dollar. <--- enter your answer here What are gross profits (revenues less cost of goods sold) if Quarantine Nation uses the FIFO method? <--- enter your answer here What is the tax savings if Quarantine Nation uses LIFO instead of FIFO (assuming a 40% tax rate)?
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