Question 1

Bramble Company has sales revenue of $61200, cost of goods sold of $35800 and operating expenses of $14900 for the year ended December 31. Bramble's gross profit is $0. $10500. $46300. $25400.

Question 2

As a result of a thorough physical inventory, Concord Company determined that it had inventory worth $320700 at December 31, 2020. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $47000 on its sales floor that belong to Concord but are being sold on consignment by Herschel. The selling price of these goods is $75700. Concord purchased $22000 of goods that were shipped on December 27, FOB destination, that will be received by Concord on January 3. Determine the correct amount of inventory that Concord should report. $367700. $374400. $389700. $320700.

Question 3

Swifty Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10400 $9.40 Purchases: June 18 9200 9.00 November 8 5900 6.00 A physical inventory on December 31 shows 3900 units on hand. Swifty sells the units for $12 each. The company has an effective tax rate of 20%. Swifty uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used? $1884 tax savings $1678 additional taxes $1884 additional taxes $2652 additional taxes