Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 23, 2024

Russells Used Sedans currently has the following inventory: Car Purchased Cost Lincoln LS 4/24/03 39,000 Accord EX 5/1/03 10,000 A4 Quattro 5/11/03 6,000 Russell buys

Russells Used Sedans currently has the following inventory:

Car Purchased Cost

Lincoln LS 4/24/03 39,000

Accord EX 5/1/03 10,000

A4 Quattro 5/11/03 6,000

Russell buys a Jetta on 5/16 for $16,000 at the auto auction and turns around and sells it the next day for $23,000 cash.

If Russel's used Sedans uses the FIFO method, what is the Gross Margin on the sale?

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

Managerial Accounting Principles Of Accounting II

Authors: Eric W. Noreen, Peter C. Brewer, Ray H. Garrison

6th Edition

0077681258, 978-0077681258

More Books

Students also viewed these Accounting questions

Question

★★★★★

Is {(1, 1, 1, (0, 1, 1), (0, 0, 1)} a basis for R3? Is {(1, 0, 0), (0, 1, 0), (0, 0, 1)}? A linear space which has a basis with a finite number of elements is said to be finite dimensional....

Answered: 1 week ago

Question

★★★★★

Which of the following processes requires oxygen? (a) glycolysis (b) Krebs cycle and electron transport (c) fermentation (d) none of these

Answered: 1 week ago

Question

★★★★★

1.61 Sky Scan Between January and June 2001, Sky Scan, Edmonton, Alberta, Canada conducted a number of test observations to try out our meteor observing techniques. The following table shows the...

Answered: 1 week ago

Question

★★★★★

Diamond Inc. is an Internet retailer of woodworking equipment. Customers order woodworking equipment from the company, using an online catalog. The company processes these orders and delivers the...

Answered: 1 week ago

Question

★★★★★

(12) Haider Design acquired 30% of the outstanding common stock of Waleed Company on January 1, 2020, by paying $800,000 for the 45,000 shares. Waleed declared and paid $0.30 per share cash dividends...

Answered: 1 week ago

Question

★★★★★

Question 1 Desmos Graphing Calculator Link Let A(x) = f(t) dt where f is the function given by the graph below. UT- 6 8 i. A(3) = ii. A(8) =

Answered: 1 week ago

Question

★★★★★

Inventory Land Book Value Fair Value $ 630,000 $ 600,000 750,000 990,000 1,700,000 2,000,000 Buildings Customer relationships Accounts payable 0 (80,000) Common stock (2,000,000) Additional paid-in...

Answered: 1 week ago

Question

★★★★★

The standard Treasury Bond futures contract has a face value of $100,000, at least 15 years to maturity and a coupon of 6%, payable semi-annually. The quoted price of the futures contract is based on...

Answered: 1 week ago

Question

★★★★★

15. What option allows the scheduler to go in and look at the information "behind" the scheduled appointments? For example, date "appointment made", wait times, service connection, etc).

Answered: 1 week ago

Question

★★★★★

These items are taken from the financial statements of Longhorn Co. at December 31, 2022. Buildings $105,800 Accounts receivable 12,600 Prepaid insurance 3,200 Cash 11.840 Equipment 82,400 Land...

Answered: 1 week ago

Question

★★★★★

For the co-planar force system shown below, determine by calculation, the resultant force in magnitude and direction. Give your answers to 2 decimal places. 230N 60N* 130 120N 70 RE 60N

Answered: 1 week ago

Question

★★★★★

2. There is no simple solution to the distractions that we face in our personal and work lives. Jackson states that the solution to the issue is self-discipline. Many distractions are self-initiated....

Answered: 1 week ago

Question

★★★★★

2. Print out the most recent e-mails that you have sent or received and bring them to class. Analyze their effectiveness in terms of the e-mail tips in this chapter. Did the messages violate any of...

Answered: 1 week ago

Question

★★★★★

c. On the basis of these two continua, determine Oprah Winfreys communication style. d. In your opinion, does Oprah Winfrey display style flexibility?

Answered: 1 week ago

Previous Question Next Question